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<font face="Verdana" size=2>Democrats Raise Credit Card Rates and Fees - by <a href=http://creditfederal.com>CreditFederal.com</a><br><br><div style="text-align: left; font-family: Verdana;"><font size="2">Because of legislation pushed by democrats, credit card issuers will soon have their hands tied as to how they protect themselves against high risk losses caused by defaults.<br><br>Legislation includes restrictions on raising rates and reducing credit limits only on people who become high risks.<br><br>So what are credit card issuers doing now in preparation? Raising interest rates and lowering credit limits while they can.<br><br>Not only are democrats to blame for higher rates and less credit, but also for fewer credit card choices as well as rewards. Already its apparent that there are far fewer credit card offers now than before the credit crisis (which was also caused by democrats). Anyone can clearly see that; since democrats have been in power, the credit situation has steadily worsened. First it was with the mortgage industry, and now democrats are about to drive out the credit card industry as well.<br><br>Although Bush was president when the mortgage crisis began, it was nonetheless the result of democrats who were in control of our nation's capitol. It was due to democrat legislation which forced banks to lend money to high risk people. The told banks that if they allow high risk people to open a savings account, then they must also allow them to obtain mortgages. When that law resulted in banks suffering defaults and filing bankruptcy, the remaining banks decided to stop allowing high risk people to open savings accounts, thus relieving themselves of having to lend them mortgages. But now, democrats want to pass yet another law that will require banks to offer savings accounts to high risk people, which would also then require banks to grant them mortgages.<br><br>Here we go again.<br><br>To prepare for another democrat nightmare, Bank of America announced it would start annual fees on accounts. Citibank has already been raising rates. HSBC apparently lowered at least one customer's credit limit.<br><br>Do you remember the good-ol-days, when Clinton was president and Republicans were in control of Capitol Hill? Back then anyone could get a credit card with a nice credit limit and a decent interest rate. Even bad credit people could get an unsecured credit line with a card that helped rebuild credit scores. Fair-to-good credit people could rack up rewards and cashback.<br><br>Why were things different then, than now?<br><br>The answer is because Republicans were in legislative control, and Republicans believe in a free market... an ideal of which our nation was founded. In a free market, companies are able to set their own prices, fees and interest rates. They are able to offer less costly products and services because they are likewise able to adjust their costs according to risk. Those who pose the highest risk they charge more, while less risk people enjoy lower costs. Afterall, they must compete against the other companies for your business. But when democrats drive out most of the businesses, there's less competition to gain you as a customer.<br></font></div><br><br>This article provided courtesy of <a href=http://creditfederal.com target=_new>www.CreditFederal.com</a>, a personal credit resource of good or bad credit credit cards and loans.</font>