Relief for credit card holders?
source: http://www.washingtonpost.com/wp-dyn/content/article/2008/12/13/AR2008121300162.html?wprss=r...
-
-
- tbowman131
- added this
Reforms like the ones they are discussing are long overdue
- - - - - - - - - - - - - - - - - - - - - -
The Federal Reserve on Thursday will vote on sweeping reform of the credit card industry that would ban practices such as retroactively increasing interest rates at will and charging late fees when consumers are not given a reasonable amount of time to make payments.
The Fed, which has been considering the proposed changes since May, declined this week to release details of the final draft regulations. But banking officials and consumer advocates said that they do not expect substantial changes before the vote, especially since members of Congress have pressured the Fed not to water down the rules.
However, industry officials and consumer advocates said, the Fed will likely postpone a decision on a proposal to prohibit banks from charging fees for overdraft protection unless they have given customers the chance to opt out. Both the banking industry and consumer advocates considered the overdraft proposal flawed.
If the new credit card regulations are approved largely as proposed, they would represent the most significant overhaul of the industry in decades, banking officials and consumer advocates said. The Fed has not yet indicated a timeline for implementation.
-
-
tbowman131
-
it's called usury. it has nothing to do with people maxing out their cards or the consumer at all, that's a separate problem entirely.
any interest rate over 10% is morally reprehensible. there are many cultures and historical periods where charging interest was completely illegal.
- 3 years ago
-
tbowman131
-
-
vzeek
-
This a minor concession just to appease the consumer. They need a major overhaul of the cc industry! After new regulations that really help the consumer are established; no changes, add-ons or amendments allowed!! The politicians have never, ever looked out for the better interest of the consumer only big business and that is why we are where we are.
- 3 years ago
-
vzeek
-
-
JohnA
-
vzeek:
Or it could be all the people living beyond their means and maxing out credit cards with no thought of how to ever pay them off.
- 3 years ago
-
JohnA
-
-
NoGodsNoMasters
-
They should start these new credit card reforms by forgiving all credit debt and bringing everyone back to zero. Start from a clean slate.
- 3 years ago
-
NoGodsNoMasters
-
-
kennymotown
-
You know if you were living on credit you deserve the debt, anyone without blinders on could see this crap coming. Regulations need to make a strong comeback as soon as possible and the robber barons need to be thrown in jail.
- 3 years ago
-
kennymotown
-
-
pigeonfarm
-
kennymotown:
"You deserve the debt" I think is only half true. There are a lot of really sneaky tactics that have been used by credit and loan companies that are deliberately targeted towards financially strapped, young, and uneducated people. For instance, a bank tried to buy one of my student loans by sending a check directly to my school that carried an agreement stating that "If this check is cashed you have agreed to the terms". I never even saw the check itself, and the notice was sent to another address. Of course the terms included an outrageous interest rate. Hopefully this legislation will put an end to all the conniving credit companies, but it is also a reminder to everyone to look out for your personal interests more vigilantly.
- 3 years ago
-
pigeonfarm
-
-
AreOh
-
This just makes me laugh. I suppose is something is better than nothing at all, but this is simply a drop in the bucket in aid when it comes to the American consumer, while we still have no idea where the 700B just went. Typical American policy making showcased yet again. Let's treat a few symptoms, as opposed to attacking the cause...
- 3 years ago
-
AreOh
-
-
JohnA
-
Silly me, paying off my credit cards and paying my mortgage every month. What was I thinking? How 20th century is that?
- 3 years ago
-
JohnA
-
-
Maitereya
-
i hope there's a way to exploit this.
- 3 years ago
-
Maitereya
-
-
Leonidis
-
how bout a bailout for the consumer! wipe away all debt and called it good and lets start over.At least this way we know that the money was used to get everyone out of debt, and there will be no question where 2 trillion dollars went,when the fed wont disclose this information to us anyway.
- 3 years ago
-
Leonidis
