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What do you think of the proposed "Credit Card Holder's Bill of Rights"?

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?


Asked by ozarkgirl3 at 4:11 PM on Apr. 30, 2009 in Politics & Current Events

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This question is closed.
Answers (5)
  • I think its a good idea. I don't know why people do not admit the banks and credit cards have no real rules or regulations that protect consumers from the things listed in the OP. Retroactive rate changes, really? Why was that ever legal? lol

    Answer by stacymomof2 at 9:29 PM on Apr. 30, 2009

  • They'll find workarounds. For everything that has a limit placed on it, they'll invent a new kind of fee.

    Answer by NotPanicking at 4:12 PM on Apr. 30, 2009

  • It's about time! The credit card companies have been cheating us for years. Some member of congress must have gotten burned.

    Answer by GrandmaLilla at 4:28 PM on Apr. 30, 2009

  • I think it shows that government thinks we are all too stupid to take care of ourselves. Judging from the mentality on CM, I can't really disagree.

    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