Just a snip-it from the article...
Measures before the House and Senate are designed to enhance protections for credit card customers. The House debated a bill that would prohibit so-called double-cycle billing and retroactive rate hikes and ban the issuance of credit cards to people under 18, but wouldn't take effect until a year after enactment. Another requirement in the bill, that customers receive 45 days notice before their interest rates are increased, would go into effect in 90 days.
Some Republicans are still opposed to this bill, even though its expected to gain overall bipartisan support.
U.S. credit card debt has jumped 25 percent in the past 10 years, reaching $963 billion in January....
IMO this sounds like a good move to control the outrageous way credit companies do business.
What do you think ladies?
Answer by stacymomof2 at 9:29 PM on Apr. 30, 2009
Answer by NotPanicking at 4:12 PM on Apr. 30, 2009
Answer by GrandmaLilla at 4:28 PM on Apr. 30, 2009
Answer by Anonymous at 4:39 PM on Apr. 30, 2009
government thinks we are all too stupid to take care of ourselves.
ok, Anon, how are you going to "take care of yourself' when they arbitrarily lower your limits, and thus your credit score?
Answer by autodidact at 1:09 PM on May. 1, 2009