OK, now that the bankruptcy laws have been "fixed",

[bluestateguy]

I'll await those lower interest rates that are sure to come on my credit cards!

Right?

How long will it be before I can expect those lower interest rates that we have been promised by the credit card companies?

Congress did what they wanted them to do. Now it's time for them to deliver on their promises.

[Birthmark]

1. Snort!

Aren't you just gonna love it when the idjits realize that they've choked the consumer economy unconscious?

[CoffeeCat]

2. Credit card interest rates...

...are directly tied to the Fed-Funds rate, correct?

I suspect that interest rates will rise steadily in the coming years--certainly not fall.

Higher prices are here, and isn't Greenspan attempting to squelch inflation by slightly raising rates?

I'm no economist, so someone please correct me if I'm wrong.

We will see credit card interest rise. Furthermore, credit card companies are now demanding that more principal be paid off on those cards. So many will see their credit-card bills rise due to increased rates and also increased requirements on principal payments.

This could be shocking for many!

[gaia_gardener]

3. Yes and no

Everyone has a rate that is x+prime. Prime is the fed rate but the "x" changes depending upon your designated credit risk.

So some people could be a credit risk that entitles them to 2+prime and have a decent rate. But someone else could be a credit risk that allows the cc companies to charge 20+prime.

[nonconformist]

4. Oh, they're gonna rise rise rise

Along with the fees and their aggressive lending practices.

Their risk has been negated and their bottom line is money. What do you think will happen?

[gaia_gardener]

5. Now that they can't blame bankruptcy

they'll blame fraud. That's why we're hearing about so many information leaks. The cc companies are setting us up for higher rates because they have so many losses due to identity theft (that will be the line).