rssLiberal Dems Push to Cap Credit Card Rates
Tuesday, April 28, 2009 at 12:38 pm
- 34 Comments
A group of liberal House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. This should not to be confused with the push to freeze rates on existing balances, which made headlines last week — the Democrats’ cap would apply to future transactions as well.
The sponsors of the proposal — Reps. Maurice Hinchey (D-N.Y.), Peter Welch (D-Vt.), John Tierney (D-Mass.) and Jim McDermott (D-Wash.) — will offer the measure as an amendment to the Credit Card Holders’ Bill of Rights, which is scheduled for a House vote as early as Thursday.
“This amendment will help end the credit card trap and provide Americans with the comfort of knowing their credit card rates won’t soar to eye-popping levels while still providing credit card companies with large enough margins to enjoy a profit,” Hinchey said in a statement.
But don’t expect the provision to get very far. Though the larger bill has wide bipartisan support in the House — where it passed by a vote of 312 to 112 last September (including support from 84 Republicans) — the addition of a rate cap would likely be a deal-breaker for many lawmakers. Indeed, Rep. Carolyn Maloney (D-N.Y.), the chief sponsor of the larger bill, has been quick to emphasize the absence of rate caps as a key selling point of her proposal. Critics of such caps maintain that they would prevent the card companies from setting their rates based on the risk posed by the borrower — a change that would result in rate hikes for all card users.
That argument, combined with industry opposition to most any reforms at all, makes the amendment a poison pill to the larger proposal. For that reason, even supporters of the cap might choose to vote against it.
34 Comments
Pingback posted April 28, 2009 @ 1:27 pm
[...] Read more from the original source: The Washington Independent » Liberal Dems Push to Cap Credit Card … [...]
Pingback posted April 28, 2009 @ 1:50 pm
[...] See original here: The Washington Independent » Liberal Dems Push to Cap Credit Card … [...]
Pingback posted April 28, 2009 @ 3:14 pm
[...] See the original post here: The Washington Independent » Liberal Dems Push to Cap Credit Card … [...]
Pingback posted April 28, 2009 @ 3:18 pm
[...] Liberal Dems Push to Cap Credit Card Rates – The Washington Independent.comA group of liberal House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. This should not to be confused with the push to freeze rates on existing balances , which made headlines last week — the Democrats [...]
Pingback posted April 28, 2009 @ 4:48 pm
[...] more here: The Washington Independent » Liberal D&… Share and [...]
Pingback posted April 28, 2009 @ 5:16 pm
[...] Liberal Dems Push to Cap Credit Card Rates – The Washington Independent.comA group of liberal House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. This should not to be confused with the push to freeze rates on existing balances , which made headlines last week — the Democrats [...]
Pingback posted April 28, 2009 @ 5:40 pm
[...] http://washingtonindependent.com/40779/liberal-dems-push-to-cap-credit-card-rates [...]
Pingback posted April 28, 2009 @ 6:34 pm
[...] House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. [...]Zillow: Mortgage rates hold steady; Pa. sees slight rise from … The average rate for a 30-year, [...]
Comment posted April 28, 2009 @ 5:49 pm
Nowadays, risk does not seem to matter with a lot of the larger card issuers. They are jacking up interest on even their good cardholders and blaming it on “economic” reasons. That is such a bunch of bull! I know the major banks are having a tough times in their “economy”, but in my own personal “economy”, I am doing just fine. I maintain a good paying job and I make it a point of paying all my bills on time. I just recently bought a house here in the Twin Cities. If I felt that I would not have been able to buy a house in this current “economy”, I would not have! I maintain an average FICO score above 750. Even based on that, Capital One still jacked up my interest rate from 5.9% to 15.9%. To say the least, I will still maintain the CapOne account for right now, but more than likely, my credit union VISA will be getting the majority of my business!
Pingback posted April 28, 2009 @ 8:48 pm
[...] Go here to see the original: The Washington Independent » Liberal Dems Push to Cap Credit Card … [...]
Pingback posted April 28, 2009 @ 10:17 pm
[...] House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. [...]Another rate cut on the cards – SouthAfrica.info Economists expect the South African Reserve Bank [...]
Comment posted April 29, 2009 @ 12:49 am
Nowadays, risk does not seem to matter with a lot of the larger card issuers. They are jacking up interest on even their good cardholders and blaming it on “economic” reasons. That is such a bunch of bull! I know the major banks are having a tough times in their “economy”, but in my own personal “economy”, I am doing just fine. I maintain a good paying job and I make it a point of paying all my bills on time. I just recently bought a house here in the Twin Cities. If I felt that I would not have been able to buy a house in this current “economy”, I would not have! I maintain an average FICO score above 750. Even based on that, Capital One still jacked up my interest rate from 5.9% to 15.9%. To say the least, I will still maintain the CapOne account for right now, but more than likely, my credit union VISA will be getting the majority of my business!
Pingback posted April 30, 2009 @ 4:30 am
[...] Liberal Dems Push to Cap Credit Card Rates – The Washington Independent.comA group of liberal House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. This should not to be confused with the push to freeze rates on existing balances , which made headlines last week — the Democrats [...]
Pingback posted May 1, 2009 @ 5:23 am
[...] Liberal Dems Push to Cap Credit Card Rates – The Washington Independent.comA group of liberal House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. This should not to be confused with the push to freeze rates on existing balances , which made headlines last week — the Democrats [...]
Pingback posted May 1, 2009 @ 8:26 am
[...] Liberal Dems Push to Cap Credit Card Rates – The Washington Independent.comA group of liberal House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. This should not to be confused with the push to freeze rates on existing balances , which made headlines last week — the Democrats [...]
Pingback posted May 1, 2009 @ 11:58 am
[...] Liberal Dems Push to Cap Credit Card Rates – The Washington Independent.comA group of liberal House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. This should not to be confused with the push to freeze rates on existing balances , which made headlines last week — the Democrats [...]
Pingback posted May 2, 2009 @ 3:36 am
[...] Liberal Dems Push to Cap Credit Card Rates – The Washington Independent.comA group of liberal House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. This should not to be confused with the push to freeze rates on existing balances , which made headlines last week — the Democrats [...]
Pingback posted May 2, 2009 @ 3:37 am
[...] Liberal Dems Push to Cap Credit Card Rates – The Washington Independent.comA group of liberal House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. This should not to be confused with the push to freeze rates on existing balances , which made headlines last week — the Democrats [...]
Pingback posted May 3, 2009 @ 8:21 am
[...] Liberal Dems Push to Cap Credit Card Rates – The Washington Independent.comA group of liberal House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. This should not to be confused with the push to freeze rates on existing balances , which made headlines last week — the Democrats [...]
Pingback posted May 5, 2009 @ 10:49 am
[...] Liberal Dems Push to Cap Credit Card Rates – The Washington Independent.comA group of liberal House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. This should not to be confused with the push to freeze rates on existing balances , which made headlines last week — the Democrats [...]
Pingback posted May 6, 2009 @ 3:05 am
[...] House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. [...]Zillow: Mortgage rates hold steady; Pa. sees slight rise from … The average rate for a 30-year, [...]
Pingback posted May 6, 2009 @ 5:39 am
[...] House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. [...] Zillow: Mortgage rates hold steady; Pa. sees slight rise from … The average rate for a [...]
Pingback posted May 6, 2009 @ 8:39 am
[...] House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. [...]Zillow: Mortgage rates hold steady; Pa. sees slight rise from … The average rate for a 30-year, [...]
Pingback posted May 6, 2009 @ 10:39 am
[...] House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. [...]Zillow: Mortgage rates hold steady; Pa. sees slight rise from … The average rate for a 30-year, [...]
Pingback posted May 6, 2009 @ 3:21 pm
[...] House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. [...] Another rate cut on the cards – SouthAfrica.info Economists expect the South African Reserve [...]
Pingback posted May 7, 2009 @ 2:21 am
[...] House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. [...]Finra Oversees Auction-Rate Arbitrations After Exiting Market By Darrell Preston April 29 [...]
Pingback posted May 7, 2009 @ 3:37 am
[...] House Democrats on Tuesday unveiled legislation that would cap credit card rates at 18 percent. [...] Liberal Dems Push to Cap Credit Card Rates By Mike Lillis 4/28/09 12:38 PM A group of liberal [...]
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