Credit card reform is supposedly coming to provide relief to all. However, one commentator points out:
Congress explicitly rejected any limitation on the interest rate credit card companies can charge. It remains perfectly legal for them to charge rates that would make a loan shark blush.
and then…
The high rates charged by credit card companies obviously do a great deal to impede consumer spending and drive families into bankruptcy. The average credit card balance for those who have such debt is over $13,000. A 30 percent interest rate means more than $300 per month in interest payments alone!
It’s one thing to not offer help, but another to make it seem like it’s help when it’s really nothing more than window dressing.
