UDAP - The Credit Card Act of 2009 Review

Even though everybody think that they have won the war by making Congress impose the new Credit Card Regulations.... every American need to remember the following:

1)  First, the banks are here to make a profit;

2)  These are your debts that you have borrowed from them;

3)  Every American need to learn to start taking irresponsibility for themselves before pointing fingers at everyone else..

The New Credit Rules basically have the banks hands tied up wherein before they are able to review every situation on a case by case scenario, depending on your history with the bank and relationships with the bank.

Now with the inability to raise interest rates and charge overlimit fees, no banks will be able to work with preferred customers.  The only option they have when you want to reject the increase in your APR is to close your account and make you pay off the balance and not use the card anymore.

There you have it, America, Congress just did us all a "favor".