Support Dec. 1 trigger for consumer-friendly Credit CARD Act!

If you'd like to stop the credit-card industry in its tracks, head to Consumers Union's advocacy Web site, CreditCardReform.org. There, you'll find a suggested e-mail text to send to your Representative, encouraging passage of H.R. 3639, an accelerated trigger date for the Credit CARD Act of 2009, as well a support for a Consumer Financial Protection Agency, with wide-ranging benefits for financial-product consumers. 

The Maloney-Frank bill expedites the trigger date for the Credit CARD Act to December 1 of this year, ahead of the original date of Feb. 22, 2010. The bill, sponsored by Reps. Carolyn Maloney, D-NY, and Barney Frank, D-Ma., is a response to consumers' gripes that credit card companies are hiking interest rates, adding fees, and raising minimum payments to avoid the Credit CARD Act's more consumer-friendly rules.

In a similar move, Senator Christopher Dodd, D-Conn., yesterday proposed freezing interest rates on existing card-balances. 

What do you think of these proposals? Have you told your Representative how you feel? 

Comments

[Steve]

On the whole, I agree with the CARD legislation. There were some at best sneaky and arguably underhanded tactics being employed by the banks, and I think we’ll all be better off with a clearer revolving credit market.

However I also believe that not only do the banks have the right to raise interest, fees, and minimum payments; and make other changes to the terms. I think it is right and inevitable that they will do so. One of the main thrusts of the legislation is to restrict how easily they can do those things. As businesses they have no choice but to respond by making all the changes they might have made sooner or later under the old rules. It’s only natural.

[Dale Lissner]

The only reason the "bought and paid for" congress would allow an "early" date for the credit law passage is that the entire lending industry is on the edge of collapse. Why? Commercial loan defaults and no TARP II on the horizon...also the public is simply fed up with the entire "orchestrated" bleed you to death RICO condonned format. They (well healed)powerful are all in this together...the huge world wide DEPRESSION is just around he corner. Best to relocate your funds to the safety of a solid credit union.

Dale Lissner Sherwood Or.

[Steve Cortes]

It's too late. Even though all of my payments have been on time each and every one of my charge cards have notified me of a rate increase to 29.9%. Bye-Bye credit cards.

[Brian D]

I am avoiding using my Visa card to protest to banks continuing efforts to maximize their profits from electronic transactions. Anyone know familiar with is the Revolution Card (www.revolutioncard.com)? Apparently, the retailer fees are much lower (0.5%) and fraudulent use protection is much better. Both of which I encourage since those costs get past on to us consumers one way or another. As an individual consumer with good credit, my Visa has better 'rewards'. But this card seems a better way of doing business for consumers in general.

Note: beside no annual fee, rebates from retailers, the RevolutionCard has only a 1% foreign exchange fee vs. the typical 3% most international travelers pay.

And I did email my congressman.

[Steven T.]

Too little too late. Really, what's the point?