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Ralph Nader comments on the difference between paying cash or credit. He notes various reports and legislation, including a recent piece in the NY Times by Floyd Norris. Nader notes that consumers can have an impact, "by pretending they have joined 'Cash Payment Fans of America' and for one week pay
decade, the average rate now at 14.7%, ironically, the hikes are being driven by new rules going into effect this week that are actually supposed to protect you. stuart varney is the anchor of varney and company on the network network. it is beyond irony and, it is outrageous. what do you think. reporter: the law of unintended consequences, perhaps, you pass the credit card accountability and disclosure act to protect consumers and what happens? the rate you pay on your credit cards goes up. as you said, gregg, 14.7%, now, and it was only 13.1% a year ago. why is it happening? well, credit card companies can no longer jack up the rate that you pay willie-nilly. they have to give you advance warning, 45 days that it will go up and result, everybody s rate goes up right from the get-go, because they have to cover heavy delinquencies and have to spread the risk around, for poorly based borrowers and rates go up for everybody and the result.
group, pat powell is here. i thought, the credit card accountability, responsibility and disclosure act. i thought it would solve the problem. it s mixed the pew research folks did a major study and 90% of the credit cards out there so its massive study. results are mixed. some good news, some of the fees are gone, for instance, dealing when you are bumping the fees those are almost completely gone. there is sad news. there are other kinds of limits that are being stretched in here. if you are doing do a credit transfer, those fees have gone up. a year ago they were about 3% on average. now they are 4%. doesn t sound like much, that is 33% increase. it s huge. other thing what was really