Second Verse – Same as the First: Bank reforms to pinch consumer credit
“Call it the law of unintended consequences.
That’s what many finance experts are saying will be the result of Congress’ latest attempt to micromanage the world of consumer credit through the financial-reform measure President Obama signed into law last week.
Many are predicting that well-meaning provisions to force banks to lower their fees for debit card services will boomerang once again and result in less credit available for consumers — the same phenomenon seen when Congress enacted a law a year ago to rein in credit card fees.”
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