Obama Signs Credit Card Reform Bill
Friday, May 22, 2009 at 3:18 pm
After years of lively debate and partisan wrangling, sweeping new protections for credit card users are law. President Obama on Friday attached his signature to the Credit Card Holders Bill of Rights, which prohibits rate hikes on most existing balances and provides borrowers a wider window to pay their bills.
Most of the reforms will go into effect on Feb. 22, 2010, roughly four months before similar protections devised by the Federal Reserve will take hold.
The credit card companies are claiming that, by eliminating their right to hit unreliable borrowers with surprise rate hikes and confusing fees, they’ll be forced to make up the difference by installing annual fees and eliminating perks for even their best customers. We’ll know soon if they’re bluffing.
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