Credit Card Rates Surge

The WSJ asks a good question:

How much more consumer protection can credit-card customers stand?

Since the new financial regulations that disallow companies from pricing their risks appropriately, every consumer suffers.

This week the Journal reports that the average interest rate on credit-card customers surged to 14.7% in the second quarter, the highest rate since 2001. This is particularly remarkable given that other borrowers such as corporations and home buyers are enjoying historically low rates. In relative terms, the average credit-card rate is now at its highest level in more than two decades—11% above the benchmark prime rate, according to research firm Synovate.

Not only that, but because thousands of small business entrepreneurs fund their startups with credit card loans, it has almost certainly harmed the job creation as well. So the next time the Democrats talk about "consumer protection," grab your wallet because they are about to steal it.

Up next...our "protection" against rising health care premiums - expect to be pillaged...