Obama: CC reform bill by Memorial Day
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Obama: CC reform bill by Memorial Day
| Fri, 05-15-2009 - 11:19am |
Obama wants credit card reform bill by Memorial Day
http://televisionwashington.com/floater_article1.aspx?lang=en&t=3&id=10468
US President Barack Obama on Thursday asked lawmakers to pass a credit card reform bill by the end of May, saying such reforms are critical to fixing the nation’s economy.
“It’s time for strong, reliable protections for our consumers. It’s time for reform that is built on transparency and accountability and mutual responsibility,†he said at a town hall event in New Mexico, according to Reuters.
Obama is pressing for legislation that would end some credit card industry practices deemed abusive, such as unfair rate increases and late fees, reports the Associated Press.
“We expect to pay what’s fair and not just what fattens growing profits for some credit card company,†Obama was quoted by Reuters as saying.
The US Senate is expected to vote on credit card legislation later today. Obama said today that he wants a bill on his desk by Memorial Day, 25 May.
White House officials have said that penalty fees now total 15 billion dollars per year, or 10 percent of credit card revenues, reports the Wall Street Journal.
More than 75 percent of American households have a credit card, and some 44 percent carry a balance.


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It isn't in affect just yet, if it does, we will tell the credit card company to stick their card up sweet singers park. A friend of mine already has told them she and her Dr. Dh didn't want their card any longer.
I for the life of me can't understand why anyone would think it is fair to have your rate changed in the middle of the credit contract. I mean ok, you have a rate of 16%, you are a few days late on a payment,they then automatically up it to 21%. They don't stop there, it doesn't even have to be the credit you charged on THEIR CARD! You could have been late paying a utility bill, a late mortgage payment, they will then find out about it, and raise your rate even if you paid THEM on time. Do you understand that THIS is what Obama wants to stop them from doing?
Sorry, but the government isn't really in charge, the Ins lobby is, the Drug companies are, and the credit card companies are. the government is a bunch of Wusses.
It's not just about the "fine print".
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Uh, that's not Obama, that's the card companies themselves.
Just think, thanks to Obama, now when you charge your vacation on your credit card...the interest starts accumulating immediately. Isn't that wonderful? <= dripping in sarcasm.
Since those companies will now
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In other words, just because you pay on time and in full every month doesn't mean you'll get a free service from the card companies as you have been.
Since it wasn't a fee charged directly to us (card holders) I didn't mention it.
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I guess it's time to dust off that old check book. LOL!
"I will now be paying annual fees, immediate interest on purchases, and an increased interest rate, when before, I paid none of these."
Where did you get this information from?
"I think it's pathetic that grown up people do not know how to 'read the fine print' in any contract. Every contract that you ever sign has fine print...it is your duty to find it, read it, and understand it. If you don't understand it, it is your responsibility to ask questions until you know the answers."
A contract both parties agree
Siging of the bill.......
A New Era for Credit Cards
Text & video...
http://www.whitehouse.gov/blog/A-New-Era-for-Credit-Cards/
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