New Credit Card Law Takes Effect
New credit card laws takes effect today. WTH, almost a year later, giving credit card companies plenty of time to stick to its customers BEFORE it took effect. Thank you very much Congress and President Obama.
The following Huffington Post article provides a good summary of what we should know about the new law: New Credit Card Laws: What You Need About Rates and Fees. The changes center on disclosure, rate changes, service fees, grace periods, treatment of credit card defaults and college students. It’s a good read. Please check it out.
For a good article about how the credit card industry is dodging reforms, check this one out by the Center for Responsible Lending:
Dodging Reform: As Some Credit Card Abuses Are Outlawed, New Ones Proliferate
Remember: DEBT IS EVIL
Good luck.
Be a part of the discussion. Feel free to submit a comment and let the world know what you are thinking. But you have to be a member (membership is free). Login or register.
Feel free to personalize your comments with a gravatar.
Submit A Story
In order to Submit A Story, you must be a registered member. It is free to join. Login or Register.
economy financial+crisis budget+deficit unemployment credit+cards bailout deficit jobs personal+finance debt mortgage+crisis economic+crisis wall+street+bailout social+security deficit+hawks mortgage retirement+savings obama financial+conglomerates health+care+reform credit+unions tarp financial+oligarchy financial+regulatory+reform economic+stimulus income+inequality capitalism debt+management 401k money scams investments gdp globalization savings neoliberal consumer+protection new+normal economic+growth federal+debt financial+planning debt+settlement stocks government+spending middle+class risk investing economic+policy u.s.+treasuries bank+of+america china consumer+spending credit+card+debt cfpa federal+reserve ira financial+bailout unemployment+rate health+care financial+literacy stock+market foreclosure mutual+funds neo-liberal aig life+insurance consumer+financial+protection+agency budget job+guarantee checking cash+flow job+growth bonds compound+interest fdic taxes u.s.+treasury+securities net+worth class+warfare wages goldman+sachs mortgages derivatives debt+consolidation inflation federal+deficit fico+scores refinance credit+scores real+estate republicans banking+system mortgage+foreclosure financial+crisis+inquiry+commission deficit+commission pete+peterson stimulus evil debt+collection loan+modifications financial+stability+plan negative+equity move+your+money wall+street wills full+employment estate+planning consumer+credit auto+industry president+obama innocent+fraud open+auction lost+decade personal+income new+capitalist+manifesto overdraft cfpb geithner commercial+real+estate personal+consumption emergency human+capital direct+deposit reaganomics economic+justice trade+deficit market+fundamentalism etf destruction public+option living+standard wall+street+bailouts exports card+act balance identity+theft gas+prices obama+administration save keynesian wiped+out unemployment+benefits economic+mobility imports banking securities+laws deductibles strategic+defaults arra free+credit+report laid+off citigroup financial+sector unemployment+insurance fox+news+channel emergency+funds human+capitalism savings+tip financial+reform credit+rating+agencies credit+reports money+market+accounts afl-cio fox moody's money+market+mutual+funds principal+reduction roger+ailes refund+anticipation+loans jobs+data lehman+brothers uaw employment denmark propaganda tax+refund debt+forgiveness bankruptcy corporate+welfare u.s option+arm mortgage+loan+modifications output+gap disposable+income national+infrastructure+bank greece fundamentals living+wage great+recession interest+rates universal+health+care eu john+mccain minimum+wage new+democrat+coalition keynes ltcm senate+democrats eurozone american+recovery+and+reinvestment+act jobless+recovery gold frontline ben+bernanke california+budget existing+home+sales democrats jobs+report income regulations payroll+tax euro slavery mark+to+market budgets tax+holiday financial+regulation fannie+mae housing+market cowards debt+servitude gmac life+settlements federal+budget de-regulation subprime bad+bank deficit+errorists target+date+mutual+funds national+debt free+markets savings+plan fiscal+policy alan+greenspan phone+scams free+trade financial+regulations cost+of+unemployment savings+bonds shadow+banking+system #wallstreetscam time+value+of+money pensions credit+markets fair+debt+collection+practices+act tax+code cdo paulson future+value income+tax refinancing predatory+home+lenders cash u.s.+debt warren+buffett treasury+department present+value 20-year+mortgage liquidity treasury+securities ppip job+loss trickle+down+economics cash+management debt+hysteria home+buying economic+purgatory banks deficit+hawk bartering emergency+savings efca debt+to+gdp retirement home+closing currency community+gardens economic community+banks finreg online+scams income+taxes foreclosures yuan estate investment+yields happy+year #finreg email beige+book mortgage+modifications federal business+roundtable economics dot+com+bubble chris+dodd malicious+software deflation corporate+bailouts economic+policies returns housing+bubble fiscal+sustainability deferred+annuities bailouts debt+is+evil modern+monetary+theory disability+income+insurance scam teach-in fixed+rate+annuity lobbyists credit+card+law center+for+responsible+lending balance+check+book credit+report warren+mosler variable+rate+annuity corporate+tax+breaks big+banks fiat+currency general+motors economic+indicators budgeting financialization insurance foreclosure+rescue+services gross+domestic+product race+to+bottom bank+fees credit+card
Personal Finance Feed
Obvious Conclusion
Posted by: Escortrider on 2010 02 23
All the concern about credit card interest rates and late fees is pretty much irrelevant to the person who uses credit cards only as a convenience and pays the balance in full each month (which does not excuse predatory practices, of course). This is so obvious that I am almost embarrassed to say it, but my point is that so many people have been ignoring this self-evident truth. In other words, is the giant-screen TV really THAT important? I do recognize that some people in dire situations (job loss, etc.) have used credit card debt in an desperate effort just to survive; for them I have only sympathy. Interesting how things have come full circle; before World War II, “debt is evil” was a predominant value for families, and now RebelCapitalist needs to remind us of that, and the message is jarring because we have come so far away from this basic truth.