Because Obama is an idiot and for some stupid reason, went after them because he's arguing they shouldn't charge late fees.
We've had late fees for YEARS and it's nothing new. If stupid people are buying things with credit which they KNOW they CANNOT afford, that's no one else's fault but their own.
So how could Obama help these idiots that got themselves into debt?
It's all because of our American materialism moronic society. People can't wait to buy things when they can afford it, they want it NOW, and this results in buying things with credit by taking loans for which they can't fully pay back yet.
Then the regular late fees kick in and stupid people with homes they can't afford can't pay off the late fees, and homes go into foreclosure, and thus the housing market implodes.
See how all this connects?
Short Version:
And Obama is trying to defend the stupid people for their wrong doing. One of the worst presidents so far. He wants to dictate how private credit card companies charge their interest. He can't! They're PRIVATE COMPANIES!!! What Obama is doing is Socialism, where the government is dictating businesses.
So because Obama said they can't charge late fees, the Credit Card companies charge the people higher interest to compensate for the loss of income they could recieve FROM ALREADY OWED LATE FEES THAT MORONS SHOULD HAVE PAID BACK.
as other posts stated it is because of this Credit Card Reform Obama pushed. Although it will protect consumers later on but once this got passed credit card companies are punishing all consumers by increasing APR, annual fees, reward reductions, min payment increases and credit limit reductions. I believe the government should stay away from things like this or once they pass an act it should be enforced right away not 1 year after it passed as this one did.
They are trying to beat the new laws that restrict credit card companies. It has backfired on the consumer. Banks were granting lower interest rates based on calculated risks. They will be restricted and not allowed to do this in the future so they are charging everybody.
I am not a big fan of credit card companies and think everyone should find ways to live without their services