Senate Passes Credit Card Reform Bill

The Senate voted on Tuesday to prohibit credit card companies from arbitrarily raising a person's interest rate and charging many of the exorbitant fees that have become customary, and crippling, to cash-strapped consumers. (May 19)

Category:

News & Politics

Tags:

• congress
• credit_cards
• senate
• passes
• credit
• card
• reform
• bill

[SkyDaddy7]

They did fine before the restrictions were lifted in the 80s...They will do fine now!

[BigPreme74]

You sir are a fine example of why I say most American's are suffering from Stockholm Syndrome.

[charlessmyth]

Without wishing to justify some of the sharp practices exercised by credit card companies, the credit card companies will simply cancel cards and/or refuse to offer credit cards. As for homes, a bank in Victorville chose to bulldoze an entire estate of upmarket and uncompleted homes, for fear of not being able to sell them before local authority tax demands wiped out any point in completing them. Government intervention robs Americans of choices, and entrenches dependency on government.

[JohnR22926]

king: You're right on the rate issue, and my post was being sarcastic. My larger point is that the govt is meddling here and is bound to screw it up somehow. Legislation that sorta sounds OK...but will have some unforseen consequences that will enrage some special interest group.

BTW, how much profit is "too much"? I guess you're a socialist and think govt should regulate all business...like they do for utlities.

Here's an idea: don't borrow money on credit cards. Only fools pay interest

[rhosey001]

It didn't stop, it didn't change, it will change in July 2010. Why? He thinks it will help him get reelected 4months later.

Don't fall for it people You will see this in every state. Get rid of the incumbents, all of them.

[JohnR22926]

More govt meddling. Here's the scenario:

-CC companies now limited on rates

-CC companies lower their risk by cancelling credit cards for the riskiest borrowers

-congress realizes many poor people and (gasp!) blacks are having their cards cancelled...because they're high risk

-congress mandates CC companies NOT cancel cards for these people

-CC companies go bankrupt

-Obama creates govt credit cards; rates set according to each person's abilitly to pay.

I call this...THE FUTURE.

[SkyDaddy7]

Right, but this guy probably only watches FOX News so he would not know any better...FOX News drones are groomed to vote against their own life if needed!

[SkyDaddy7]

More than likely he/she is a FOX News viewer and therefore anything Obama & the Dems do is BAD & SOCIALISM...Excuse me, I think FOX is calling Obama a FASCIST now.

I just got done watching a FOX News vid where they had some dude from Canada talking about how bad single payer is and they actually were saying that Obama & the Dems were trying to do single payer!!

When that could not be any closer to the truth than WMDs in Iraq!

LOL! FOX News knows their viewers are uneducated drones!

[3star2nr]

seriously how can he be feeling sorry for them? Credit card companies suck consumers blood dry they rip people off

[Beadbud5000]

The gross profitability ration for credit card companies is absurd. Almost that of the mob!

[d3v07]

They make money from interest. They make record profits from ticky tack fees and additional costs and rate hikes.