Credit Card Reform Goes to Obama's Desk

[Pangloss]

http://www.nytimes.com/2009/05/21/us/politics/21cards.html?ref=global-home

 

Apparently a last-minute provision regarding gun control was inserted by a Republican allowing people to carry firearms in public parks if they are already licensed to carry them. I don't know the whole story on that issue but it might only represent a minor change in real practice.

 

At any rate, even before that happened it seems that a lot of Republicans had gotten on board, and in the end more supported than opposed -- a marked change from earlier bills. I wonder if this represents real bipartisanship.

 

Some details on what the measure means for credit card holders:

 

Under the measure, which would take effect in nine months, banks and card companies would be required to give 45 days’ notice before a change in interest rates. Companies would be prohibited from raising rates on existing balances unless a card holder fell 60 days behind on minimum payments.

 

The bill makes it much harder to issue credit cards to students and prevents companies from charging a fee to those who exceed their credit limit unless the customer elects to pay the fee in exchange for being allowed to charge more.

 

Sounds like a good thing to me. Some of those practices are pretty outrageous. I do think card holders are responsible for their bad behavior but they're also being taken advantage-of, and that needs to stop.

[bascule]

I believe I have an ample history here of supporting reductions in gun control, but I think it's pretty sleazy to attach it as a rider to a bill about credit cards.

[SH3RL0CK]

I believe I have an ample history here of supporting reductions in gun control, but I think it's pretty sleazy to attach it as a rider to a bill about credit cards.

 

I agree with the sentiment. A bill such as this should be specific to address a single problem. Each bill should be passed or rejected solely on its own merits. I'd hate to see the credit card reform bill defeated or passed only because of this rider.

[CharonY]

Ow. I always thought that the Simpsons episode in which they attached a regulation about flight corridors to a puppy bill was satire. I did not realize that it is how it really works...

I guess the Simpsons are really a documentary after all.

[Pangloss]

Here's an article that has a lengthy list of major changes included in the bill:

 

http://www.boston.com/business/personalfinance/managingyourmoney/archives/2009/05/what_the_credit.html