Washington insiders, according to this article, believe that a bill cracking down on the excesses of credit card companies will be signed into law next month.
The proposed legislation does seem to clean up some of the unilateral aspects of today’s credit card contracts.
What no reporting whatsoever covers, however, is what becomes of the current three-month salvo of rate- and payment-hiking many issuers have been on since the Federal Reserve announced plans to re-regulate the industry beginning in 2010.
Obama’s bill will turn out to be lip service if it doesn’t address the doubled rates and payments binge of 2009.
8 Comments
If we can get Franken in there (making 60 votes) we might be able to get a law with some teeth through the Senate.
bth, you sicken me. I’m sick of liberals like you begging the government to bail you out for your irresponsibility.
bth, you sicken me. I’m sick of liberals like you begging the government to bail you out for your irresponsibility.
OH! You’re my new favorite blogger fyi
Inferior one – thank you. I hope I make inferior morons like you sick. I would hope that you would puke your brains out but that cannot happen. You don’t have any brains!
BTW – I don’t have any problems with my credit cards – I watch them like a hawk.
Fellas, let’s keep this discussion to the issues at hand, please – credit cards.
Bill – my comment (Franken) was on topic. Get 60 votes and we can get some legislation with teeth passed. We do have to deal with the political process and those who would block anything from getting passed.
No argument there, Ben.
http://www.kansas.com/wireupdates/story/794394.html
Disappointing. And, for the record, I am NOT one who would be ‘directly’ helped by the proposed legislation.