House passes sweeping credit card reform bill

[sabra]

Source: MSNBC/AP

Obama says he will sign bill including 45-day warning before rate increase

WASHINGTON - The House has passed legislation that would impose sweeping new restrictions on the credit card industry.

The bill includes a requirement that consumers receive at least 45 days' notice and an explanation before their interest rate is increased. The bill also would make it tough for anyone under 21 to obtain a card.

The 361-64 vote paves the way for the bill to be sent to the president later Wednesday. The House still has to vote on an unrelated proposal tucked into the bill by the Senate that would allow people to bring loaded guns into national parks.

Read more: http://www.msnbc.msn.com/id/30843052/

[DS1]

1. goddamn gun-nutters

[virginia mountainman]

2. LOL! NT

[Dr.Phool]

7. Maybe they can compromise.

They can only bring half-loaded guns into national parks.

[DS1]

9. or the people going in the East entrance can bring bullets, West entrance guns

[Cronus Protagonist]

3. Not much of a broom they have there

And the poison pill will kill it anyway. Now they can all go home and tell people they tried to do something about these damn credit card companies without actually doing anything about these damn credit card companies.

[Robbien]

14. And those "sweeping reforms" don't even come into effect for nine months

Basically this bill is a gimme to credit card companies giving them free license for their predatory loan practices for the next nine months.

[RJ Connors]

16. You've got that right. n/t

[closeupready]

4. "Sweeping reforms" - LOL

Yawn. They can still do exactly what they did before. They just have to wait a couple weeks.

Color me unimpressed.

[Dr.Phool]

5. A 45 day notice, and an explanation.

Sounds like a loophole big enough to sail an aircraft carrier through.

Dr Mr. Jones,

This is to inform you that your interest rate will increase from 10% to 22% in 45 days.

The reason being, it has come to our attention that you may have some money left at the end of the month, and we decided that we should get our hands on it before you spend it unwisely on food, or something frivolous.

However, if you come up short at the end of the month, please feel free to continue using your Visa at your new improved rate!

Sincerely,
The Owners of Congress

[WriteDown]

13. All true...

I like making it difficult for anyone under 21 to get a card though.

[pkdu]

6. Gun poison-pill also passed.... as separate but joined vote n/t

[louis-t]

8. Oh, so they have to notify us before they rob us?

How freakin' marvelous. Reminds me of a story I heard from a British manufacturing rep who visited my father's business in the '70's. He remarked how polite thieves were in Britain. "Instead of breaking in and stabbing everyone in sight, they'll say 'I'm going to rob you now' as they tie you up."

[The Hope Mobile]

11. Exactly! What a joke! nt

[MessiahRp]

10. Notice how these bills never have any options for consumers?

What about an option where if the card company decides to raise your interest rates in 45 days and you have the option to decline and by doing so further charges of credit to that account is locked out and you have to pay the rest of the balance of the card based on the previous interest rate and minimum payments you had originally agreed to? Why should you have to sit and take the rate hike? Why not give customers an option that allows them to pay it off without getting so much futher in debt that they have to go bankrupt on the card?

Rp

[The Hope Mobile]

12. Consumers???? Oh, you mean like constituents???

No real options or rights.

[kirby]

15. I believe that is in the current bill...

- No interest rate increases on pre-existing balances. If your credit card issuer decides to increase your interest rate, that new rate would only apply to new balances. Your current balance would continue to be subject to the old interest rate.

[Cass]

18. It would have been nice to include a provision where consumer credit ratings don't get penalized

if they do opt out of the interest rate hike and close the account. That really ticks me off. If you opt out and close the account your credit rating gets dinged.

[Bluenorthwest]

17. Of course he'll sign it, it is his milquetoast style to prefection

If his goal is to be as popular as the Congress, he's making all the right moves.

[Iowa]

23. Exactly!

[Better Believe It]

19. So how much can they increase rates under this "reform"?

[Raineyb]

20. Yawn!

I don't see anything "sweeping" about this "reform" unless you think using a craft glue brush to sweep will bring you significant reforms.

Regards

[change_notfinetuning]

21. 361-64 was the vote! And you can just bet there are 361 people in

the House who have OUR best interests at heart. A lopsided vote like that tells me all I need to know. To Democrats it smells like roses? HUH? I can smell it from here and it smells like one of my dog's "treasures". Maybe it's time to get rid of that overpowering White House rose garden. Those glasses, too.

[JDPriestly]

22. Congress has sold out the American people once again.

OK, which members of Congress got the most loot for this one. If anyone has a list, please post it.

[DisgustedTX]

24. Too late. Received three 'important information enclosed' documents in last three days

They were all:

'Your new rate will be xxxxxx% effective on x date' - unless you cancel the card - applies to existing balances.

Nothing new here. Banks won't lose .10 on this new 'legislation'.

[Vidar]

25. As in "swept under the tug".