Getting Serious Credit Card Consumer Protection

Sometimes banks try to pull a fast one on you, like mailing statements nearly late, then charging you for late fees.

Consumer Reports is helping get reasonable consumer protection for us all and I'd appreciate it you took a look at CreditCardReform.org

Here's the deal:

A key House committee just passed two major reforms that will help our wallets. Now we need the entire House to do the same so we can end the banks' financial tricks!

One bill would implement new credit card rules on Dec. 1 in time for the holiday season, rather than waiting until next February. The card companies are taking advantage of the delay to hike interest rates on good customers' card balances, and the longer Congress waits, the more time the banks have to ding our wallets.

The other bill would create a financial watchdog whose only job is to look out for consumers' interests when it comes to credit cards, loans and mortgages. The Consumer Financial Protection Agency would put our interests before the banks, and protect us from abusive financial tricks.

 

Follow Craig Newmark on Twitter: www.twitter.com/craignewmark

Comments

[vippy]

I think it is outrageous of our dear leaders to have composed such an awful bill, the credit card revision. What were they thinking. It does little for the people and everything for the banks. They could have saved their time passing this piece! We need a limit on how much they can charge on interest, but no, they only have to tell us 6 weeks ahead that they want 49% interest! When will people wise up and throw the bums out of office. They have elections in New Jersey now and the race is on between DEMS and REPUBS when it should be a third party. We deserve the lousy government we have, just look in the mirror!

[jameshat]

serious credit card legislation? really? and you still believe in santa claus?., the banks have already jacked up rates on most cutomers, good or bad. and when these customers default mr geitner and summers and obama will bail them out while those that try to make their payments will end up with bad credit and no relief. and by relief i mean a reasonalbe interest rate, not a bailout.