Good News! Consumer Friendly Credit Card Rules A Comin’!
Posted on December 18, 2008
Like, you know, totally, like, you know, cool!
Consumers will be shielded from increases in interest rates on existing account balances on their credit cards under new rules being adopted by federal regulators.
The changes will allow credit card companies to raise interest rates only on new credit cards and future purchases or advances, rather than on current balances.
The new rules coming Thursday from the Federal Reserve and other banking regulators mark the most sweeping clampdown on the credit card industry in decades, aimed at protecting consumers from arbitrary hikes in interest rates or inadequate time provided to pay the bills.
Interestingly, except for a brief blurb about the rules making it harder for people with bad credit to get credit and get subprime loans (isn’t that part of how we got in this financial mess?), they rules don’t include anything like live within your means, pay off your bills, and most importantly, read the terms of agreement. Because soon, if you charge up a fortune, you can blame the credit card company.
» Filed Under Delusional Dupes and DUmmies, Dems In Charge: Now What?, Economy, Liberal World, Marxism, News, Stupidity
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4 Responses to “Good News! Consumer Friendly Credit Card Rules A Comin’!”
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Thank God we don’t use credit cards! We are no longer slaves to the credit card companies and credit reporting agencies.
We live below our means and save for large purchases like cars (used). Pay cash for everything and love the freedom.
Everone should cut up their cards (even if they pay the balance off monthly) and stop giving all the authority to corporations that are out to make millions at your expense.
Result? No credit for the marginal customer. My credit is near perfect. My card company actually lowers my rate from time to time just to encourage me to carry a balance. My brain and work ethic protect me from the “eeevvilll” credit corporations. Does the world have to become completely stupid proof? Is that the hopey changey end result? Give up and allow everyone to be a child forever and ever?
What’s next? A bailout for degenerate gamblers and heroin addicts? If you buy what you cannot afford, and borrow what you cannot pay back you deserve whatever you get. The terms of every loan are spelled out, all you have to do is be willing and able to read English.
I do not see it as good news since the U.S. Constitution states it is the job of Congress and not the executive branch to pass all legislation. That is an awful lot of power we are putting in the Presidents hands.
I agree with Kerwin.