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#1 May 22, 2009
The Credit Card Companies practice currently of raising the interest rate on EXISTING balances is inherently illegal by any standards of contract law and must be prohibited. If they decide to raise interest, it must be only upon FUTURE purchases and they must be forced to honor interest rates on all PAST purchases.
It should also be fair for them to ask card holders to stop charging until their balances are paid off if they wish. We have people who purposely run their cards up to MAX and then default purposely. That is simply crooked and despicable.
I am afraid however that our present Congressmen are so "in bed" with the banks that this all is going to be delayed till they do everything they want to do before the law takes effect so the effects of the law will be meaningless - All the damage will be done. Any regulations must be effective immediately and some of their abuses should be reversed that have occurred recently that were simply egregiously done to people who have always paid on time per their ends of the contract with the card companies.
“Is this all there is?”
Since: Dec 06
#2 May 23, 2009
Ah another piece of feel god legislation designed to get those evil corporations and banks. While everyone of the complaints made are legitimate complaints the answer should be a compromise between government and industry. Now the laws of unintended consequences will take effect with cancelled accounts, no cards issued to those with less then a stellar credit rating and higher interest and probably the return yearly fees. The credit card companies will not loose out, they will make a profit somewhere.
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