Posted on Sunday, 15th February 2009 by CreditCardGuru
After years of credit reform legislation stalling in the House and Senate, the Federal Reserve passed regulations on their own back in December, but as you probably heard those new rules don’t go into effect until July 2010.
Christopher Dodd, the Chairman of the US Senate Banking Committee, recently proposed credit card reform be passed in the near future, instead of waiting all the way until July 2010. He said that lack of regulation has led to consumers being “gouged” by credit card companies on things like late fees and interest rates. Dodd along with Senator Levin (D - Michigan) proposed a bill that would outlaw the “anytime, any reason” policy creditors currently have that gives them the right to raise your APR for virtually any reason. Credit Card Forum will keep you updated on how this turns out.
Tags: christopher dodd, credit card reform
Posted in News | Comments (6)
February 15th, 2009 at 7:55 pm
Good! Go Dodd!!!
February 16th, 2009 at 9:03 pm
WE NEED THIS DONE ASAP NOT NEXT MONTH OR NEXT YEAR BUT RIGHT NOW! GETTING SQUEEZED ON CREDIT IS WHAT GOT US IN THE HOLE!
February 17th, 2009 at 2:46 am
Honestly I am quite surprised they have gotten away with doing it to us for this long. It’s about time someone stood up to the credit cards. Some of them have been nickle and diming us too long and it’s time to finally draw the line!
February 18th, 2009 at 2:00 am
Chris Dodd is now my here
February 21st, 2009 at 7:54 pm
OK they have gave protection to homeowners and credit card holders now. What about renters? When are we going to see reform for renters that are being screwed by greedy property managment?
March 13th, 2009 at 7:31 am
They (credit card companies)intend to make good customer default by raising rates - have they lost their minds! Help us now before it is too late for the whole country. Talk about shooting themselves in the foot. Are they that blind?