Another example of laws with unintended consequences

Our new credit card "bill of rights" supported by our Congressman Charlie Wilson, has the effect of raising interest rates on consumers. I thought he was going to "fix" this "problem".

Now, less fixed rate cards are being offered because variable rate cards are tied to the prime rate. So, when the prime rate increases, your interest rates on your credit cards will increase.

With the prime rate about as far low as it can go, you know where the interest rates are going to go, UP.

The new law limits creditors' ability to raise interest rates, but it can't control changes in the prime rate -- the index that's the basis for most variable-rate cards. So even after the new law starts to limit rate hikes, variable-rate cards will still change if and when the index they're based on changes.

Quite a "fix"!!