Credit Card Rates and Christmas

Credit card rates and the banks.

Here is an interesting fact that was passed by congress and takes effect on February 22, 2010:

Variable rate credit cards will be tied into the prime rate.
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Banks are now issuing variable credit cards, 94% of new issued cards are variable credit cards.

Banks are now setting "floors" to prevent rates from sinking to a certain level.
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...PAY attention America...banks are back to their OLD tricks.

Variable mortgages, ummmm remember them...? History does repeat itself.

For more information on this read this article from CNN/Money>

http://money.cnn.com/2009/12/02/news/economy/credit_card_rates/index.htm?cnn=yes

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peace!