Why are the new credit card company reforms

[malaise]

not going to be enforced until 2010. These rules should be enforced from January 1 2009.

http://www.ajc.com/services/content/printedition/2008/12/19/creditcards.html
<snip>

Federal regulators adopted sweeping new rules for the credit card industry Thursday that, among other changes, will shield consumers from increases in interest rates on existing balances.

The rules, which take effect in July 2010, will let credit card companies raise rates only on new cards and future purchases or advances.

It is the most sweeping clampdown on the credit card industry in decades, aimed at protecting consumers from arbitrary hikes in interest rates or inadequate time provided to pay the bills.

John Reich, director of the Office of Thrift Supervision, a Treasury Department division, said the rules “will enhance public confidence in financial institutions and establish a level playing field for institutions that want to do business fairly.”

reword.

[supernova]

1. Because credit cards are banks' major profit center

Yeah, like that's a big surprise.

By making it active in 2010, it gives them an extra year of income. It's all about squeezing the consumer for as much blood as they can.

[FreakinDJ]

2. UN-Regulated Public Relations move

The new Credit Card rules is simply manipulation to attempt to gain public favor and not have congress do their job and Re-Regulate the entire Banking Industry

[dipsydoodle]

3. Glad you picked up on that

I heard it on TV news and figured I might have misheard.

[sam sarrha]

4. lobby....$$$$$$

[MiniMe]

5. To give the credit card companies time to jack all the rates before it goes into effect