New credit card rules to protect consumers

New credit card rules to protect consumers

www.msnbc.msn.com

updated 57 minutes ago

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

The rules, which take effect in July 2010, will allow credit card companies to raise interest rates only on new credit cards and future purchases or advances, rather than on current balances.

(visit the link for the full news article)



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I really like that fact that credit card companies are finally being told to play fair and are being denied the ability to do to the consumer what they do to us now.

I applaude Washington for clamping down...finally........... But can anyone...FOR THE LOVE OF GOD..tell me why it'd going to take until July 2010 for these changes to take place!!!

Does anyone have an answer for this?????


www.msnbc.msn.com
(visit the link for the full news article)

but wait...

Does that mean since it doesn't take effect until July 2009, that the CC companies can, in the interim, raise the rates?

someone on the board posted earlier that their rate went from 9% to 16.99%

[edit on 18-12-2008 by warrenb]

Smoke and Mirrors!!! Why July 2010??? That's 18 months away! People need help NOW. Amazingly we were able to clear $700Billion for these same cretins in less than a week. But, we, the people, have to wait 18 months for our screwing to end. This is such bull$h!t.

This will tick people off more than if they did nothing at all.

Nothing at all we would just whine about the companies and debate whether the govt. should do something.

But this is like the govt. saying, "OK guys play nice with your shee er I mean clients, we will give you an 18 month head start then the bat is coming down. Don't worry it only will affect the balances accrued up to then after that date their on their own."

Meanwhile they all jump the rates through the roof on everyone so there is no need for the law in the first place because we will already be paying up the ying yang when it takes affect.

Then they will tout lower interest rates to new customers or balance transfers.

What a waste of time. And boy I hope I read that wrong because this would create some mad mad mad people.

Edit I should point out I don't have a credit card with a balance on it at least right now, only for serious emergencies but that is besides the point.

[edit on 18-12-2008 by Darthorious]

All this will do is once again aid the people who have money. Look at it this way, they aren't going to make it retroactive so those who are struggling aren't going to be helped. All this will do is aid those who open new balances. Well the problem is only those who aren't being heavily affected by the economic downturn will be able to open new accounts after 2010. Think about how many people's credit is jacked up now or will become jacked up in the coming months to year. Most people are going to make their credit standing worse just trying to stay above water. With so many layoffs happening many people will resort to credit cards to survive. In my opinion this is just one more thing that aids the wealthy not the lower classes.

reply to post by kozmo


Hey there Kozmo

It is bullsh*t that they can get away with this crud.

I'm still wondering where the $700 B you mentioned is coming from. I cringe when I think of what we are going to facing in late 2009.

Time to plat wait and see...again.