[Boanarges]

“You should pay the rate you signed up for. If the credit card company wants to raise that rate, you should be able to opt out of the agreement.”

What a blooming idiot! Is he not aware of the contracts on back of all credit offers consumers receive and thereby agree to when they sign?

Obama is a dunce.

[WayneS]

I do not think he is a dunce.

I think he knows exactly what he is doing.

[Gorzaloon]

What a blooming idiot! Is he not aware of the contracts on back of all credit offers consumers receive and thereby agree to when they sign?

If four point type that starts

"Party of the second part, hereinafter called 'Borrower', the aforesaidmentionednotwithstanding &etc..."

for fifteen pages is not clear about the consequences of "Oops, haha, (Wink) the mail was late again!"

, it take a lot more than that to fully prepares someone for the Nuclear Chain Reaction of compounded interest at the default rate of 30+%

I don't carry balances- They hate me..But nevetheless I recall years ago when we got into that scene because of a hospitalization, the principal due to purchases was NOTHING compared to how the debt ballooned with all manner of fees and indefensible rates like that.