New York Times:
At first glance, the sweeping credit card legislation that passed the Senate on Tuesday looks like a huge victory for consumers. The bill (and similar legislation that has already passed the House) contains relief from penalty fees and instant interest rate spikes. It even limits expiration dates on gift cards.
Want to reply to a comment? Hint: Click "Reply" at the bottom of the comment; after being approved your comment will appear directly underneath the comment you replied to
They got to me first: two cards jacked me up 6% before the law passed. Thank you bankers. Enjoy your TARP funding.
All bun, no meat. Cash and barter looking better all the time.
The entire premise of taking on this bill was to move up the effective date on many credit card industry regulations the Fed has already announced. A premise which the bill completely abandons. . . as well as abandoning any real reform.
This bill is, and always has been a complete sham. Nothing but window dressing so Congress can look like it's doing something when it really isn't.
No Caps, no real help to anyone.
NEW OBAMA RULES.....
If they are going to implement true reform, why let them rape and pillage before a certain date?
That was quick. Just got home to a letter from a credit card company raising my rate from 4% to 24%. They must have had these things preprinted.
NEXT: Congress must pass consumer friendly legislation that targets the CELL PHONE companies
Agreed. It isn't competition if they make it nearly impossible and very costly to change companies.
Doesn't take effect for 9 months? What is that, congress? Oh here you go banks, 9 more months to chisel your customers because you crashed the stock market and need the rest of their money.
If the banks raise their interest rates on credit cards we can all thank the competence and leadership of Obama, Reid, Pelosi, Dodd and others.
Obama and Geithner have made a great effort to leave bank management untouched and have supported them at every step.
Yet, we can anticipate that IF the banks raise rates Geithner and Obama will, just as they did with AIG bonuses we now know they were aware of for months, they will plead that they are victims of the bank executives. It was BS then, it will be BS in the future.
Without a cap on interest rates, the Senate law is toothless.
Gee, isn't this like telling a burglar that you are sending the cops in to stop them in three weeks?
I guess HP is missing the war on the right:
"Li.mbaugh has turned out to be the biggest phony of all of them, all of them. Amongst all of them, he is the biggest fraud. Ru.sh Li.mbaugh is a fraud. When he was accused of the dr.ug usage, I supported him. But that man is a one-way street. It's all about him. He's in it for nobody but himself."
--Michael Savage
http://med
The clients that pay their dues on time could go without using a credit card for sometime. I gave mine back fifteen years ago. It takes a little sacrifice and re-organizing at the beginning. It has many inconveniences; hotels reservations, car rental, being robbed or carjacked.
i am selling car jacking insurance, want some....
Ok, that is your reply to a honest statement?
My method (of not using credit cards, below) would actually help the banks. We would have to go to them to get cash, and if they refused ... REVOLUTION.
What if they gave out plastic credit cards and nobody used them?
We wake up and live within our means.
Loading comments…
Posted: 05-19-09 06:00 PM