rssHouse Passes Beefed Up Credit Card Reform Bill
Thursday, April 30, 2009 at 3:48 pm
- 9 Comments
To the surprise of no one, the House approved sweeping reforms to the credit card industry Thursday, including provisions banning retroactive rate increases, warning card owners 45 days in advance of rate increases and giving consumers more time to pay their bills.
The vote was 357 to 70. Several consumer-friendly amendments were added during floor debate, including provisions installing a six-month minimum window on teaser rates — which entice customers to get cards, but can jump quickly without warning — and requiring card holders to opt-in to overdraft programs before companies could charge fees for going over established credit limits.
The Senate next week will take up a similar bill, though it’s likely to be diluted in order to pass the upper chamber.
9 Comments
Comment posted April 30, 2009 @ 4:30 pm
There is no reason for credit card rates of 20-50% when our inflation is in the low single digits and prime is in similar ranges.
There is no reason for allowing them to rape the american public with that kind of usury.
How about protecting our ecomonmy, and American citizens by putting a reasonable cap on card rates that is not more than 10% above prime?
That help stop the credit card defaults, auto loan defaults, and mortgage loan defaults, when the credit card companies force people into default on all loans by pushing rates and payments several times what consumers initially agreed to with rates less than 10% initially … or even into bankruptcy where all lenders suffer because of the credit card abuses … and in the end, all Americans which pickup the tab for those unnecessary defaults.
Pingback posted April 30, 2009 @ 7:24 pm
[...] Original post by The Washington Independent [...]
Comment posted May 1, 2009 @ 4:16 am
This bill does not go far enough. Give me a break. And when it gets out of the senate, same old same old. ENOUGH of this crap.
Pingback posted May 2, 2009 @ 4:02 pm
[...] the original post: The Washington Indepen… Share and [...]
Pingback posted May 9, 2009 @ 10:03 am
[...] help rev that economic engine, he urged Senate passage of the credit card reform bill passed by the House last week, challenging the upper chamber to get it on his desk and signed by [...]
Pingback posted May 9, 2009 @ 10:06 am
[...] help rev that economic engine, he urged Senate passage of the credit card reform bill passed by the House last week, challenging the upper chamber to get it on his desk and signed by [...]
Pingback posted May 9, 2009 @ 10:22 am
[...] help rev that economic engine, he urged Senate passage of the credit card reform bill passed by the House last week, challenging the upper chamber to get it on his desk and signed by [...]
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