I just read this article on Yahoo and the thing that interested me the most was the part about people feeling a sinking feeling when they see how long it’ll take to pay off their balance. It’s not like everyone hasn’t heard that it’ll take forever to pay off a balance by paying minimum payments, so either the people who will get the shock, weren’t paying attention or were in denial.
The article also covered ways that the law backfired like:
Lowered limits
Rate increases
Annual Fees
Fees for paper statements
Mixed blessing: credit card reform may shock some
Maybe people will realize that some companies are not their friends.
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