Aug 7, 2009
Bad Credit Credit Cards - Is this Holding Americans Back?
AUTHOR: Andrea Miles
Getting a bad credit credit card used to mean that you were going to pay an interest rate in excess of 25%. This is one of the reason most Americans are currently held back financially. If you are paying 25% interest on a balance in excess of $5,000 it is very hard to get ahead. Well, President Obama has done everything in his power to make sure that interest rates to not fluctuate as much as they once did. President Obama is also trying to make sure that all Americans can get access to credit at a much lower interest rate. That means that your bad credit credit card may not have such a high interest rate in the near future.
You have probably seen advertisements all over the television and the Internet for the Credit Card Bill of Rights. Basically President Obama is looking out for common Americans as we have more rights than we are being offered by credit cards. It should now be much easier to find a credit card with a lower interest rate and cards can no longer adjust our interest rate just because they want to. It will take time to take effect but President Obama is making sure that it will happen.
Congratulations on taking the first step in getting a low interest credit card. President Obama is working very hard to help you get a credit card with a reasonable rate. This is your opportunity to take advantage and find a credit card that is acceptable to you.