Was the credit-card “overhaul” hailed as “limiting the greed” of the issuers another failure of Obama?

Міша: Was the credit-card “overhaul” hailed as “limiting the greed” of the issuers another failure of Obama?
Oh, how proud the Illiberals were, when their champion signed the law limiting, what credit-card issuers can do:
https://www.huffingtonpost.com/2009/05/22/obama-signs-law-curbing-s_n_206944.html

And what do we have now? Rates above 14% on average and up to 59% for “the most vulnerable” (those with already bad credit):
https://money.cnn.com/2011/01/28/pf/credit_cards_interest_rates/index.htm

Answers and Views:

Answer by Sergeant Vince Carter, USMC
Just another example of when ignorant and arrogant politicians think they will get all of their promised “benefits” with zero cost. When you put a cap on what a lender can charge to a risky borrower for high risk lending, you get less of that credit available. And higher costs for that credit that remains. And higher costs to good customers. You get the point.

Answer by MSG Snarky
And the fat cats on Wall St keep getting fatter, and fatter.

Man…those campaign contributions must have been worth more than I thought.

Answer by Gone Fishing
The law really didn’t change how much interest a credit card company could charge. What it really changed was how credit card companies disclosed information to their customers and how they advertised their cards and interest rates. Of course, there are always loop holes written into these legislature approved laws. Credit card companies are still misleading in their advertising, but they are more careful about it now, and the “small print” isn’t quite so small now. Credit card companies also have to provide the customer with information concerning how much the interest is costing them if they do not pay off their entire balance by the due date.
I did not vote for Obama and do not agree with much of what he is proposing, but this law was a good idea, and it was needed. Like I said before, it didn’t change a whole lot, but it helps keep the credit card companies in check and from being so dishonest about how credit cards actually work. But based on the approval ratings, I don’t think many voters see this law as a victory for Obama, which is too bad, because I think this has been his greatest achievement so far.

Answer by BB
You must not have been using credit cards the last 10 years if you haven’t noticed the changes. This law was a big improvement and educated people appreciate it.