State of the Union–Conspiracy? or Change We Can Believe in?

The day before President Barak Obama’s State of the Union address, I received a letter from credit card company stating that the terms of my card is about to change.

The first change they highlighted was that the banks are now, by regulation, required to use the money customers pay towards their account to pay off the highest interest loans before they pay off lower interest loans.

So, previously, if you used one of those checks to get $6,000 on 6 months of 0% interest. Then you accidentally use the credit card and buy say $1,000 of stuff(this charge to the card would almost have some high interest rate like 19%).

In the next month, when you write a check for $500, what used to happen is that the 0% interest loan of $6,000 decreases to $5,500 and the high interest rate loan stays at $1,000 and accrues interest. There is no way to pay that off until you’ve paid off the remaining low interest loan balance of $5,500

The new policy requires the bank to credit the $500 you pay towards the higher interest rate loan before it goes to pay the lower interest loan.

“…. due to regulation changes…”

it says.

now, this is a great change!! I mean, I’ve been personally frustrated by this bank practice and got charged several times in previous decade, here’s a log entry I wrote about this.. And I am sure many many American experienced this practice. So, I hope Obama wins a whole lot of positive political karma!!! Because this really got me!

(and of course, as some co-workers advised me, this was also passed by the remaining legislative groups in the federal government…, so kudos to them as well)

But, having said that,…, some hours after the euphoria from the State of the Union, where Obama re-establishes the American spirit through his speech….

I think to myself…

wait, what?

The bank sent me a piece of mail, highlighting something that Obama(aka punisher of bad bank practices), did, for the public, for the poor, for the consumer,…, why would they do that for somebody who, to all appearances, have only given banks grief over every single thing they did ??


There’s gotta be a hidden agenda here.

I mean, when did anybody ever do anything good for another person…, and substitute “anybody” with “banks”…, and suddenly, a different picture merges.

Sigh…, I want to congratulate Obama for beating the banks to the ground, but I am fearful that the establishment has beaten the public…, and President Obama, may or may not be a unwitting/unwilling participant in yet another _____ scheme of one kind or another. (fill in the blank)

All fingers crossed, but still a thousand applause to President Obama for his seriously hard work…

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