Credit Card Reform May Come Sooner Rather Than Later
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.
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?
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?
Chris Dodd is now my here
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!
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!
Good! Go Dodd!!!