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Thread: House passes credit card bill that helps consumers

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    House passes credit card bill that helps consumers

    Riding a crest of populist anger, the House on Thursday approved a bill to restrict credit card practices and eliminate sudden increases in interest rates and late fees that have entangled millions of consumers. (snip) The measure would prohibit so-called double-cycle billing and retroactive rate hikes and would prevent companies from giving credit cards to anyone under 18.

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    I have mixed opinions on this. On one hand, I agree that sudden and/or retroactive rate increases shouldn't be allowed. Consumers should have enough warning that they have time to cancel their card. On the other hand, I don't understand why the Fed should concern itself with how the rates are calculated (i.e. double-cycle billing). It should be up to the consumer to understand how they are being billed, and if they don't like the math then they should go elsewhere. And I don't agree with the age limit of 18; the government is not our children's parents, we are.

    Overall, to me this looks like 1 step forward and 2 steps back. Your thoughts?

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    Re: House passes credit card bill that helps consumers

    Agreed. At most, Congress should have required specific disclosures not in size 2 font about such practices as well as require notice to be given rather than outright prohibiting it. Other than that, it's more red tape. But Credit Cards are notorious for making it exceptionally hard to find frankly any relevant information. I recall a study where something like 20 Harvard MBA students were asked to find the APR, fees, and other specific information in credit card applications and it took them half an hour working together. Granted, this may have been a while, but you get the point. Companies really shouldn't be allowed to deliberately hide relevant information necessary to making decisions.
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    Re: House passes credit card bill that helps consumers

    It's about f'ing time Congress stepped in here! CC companies have been taking advantage of people for years. "Read the contract"? Who the hell can understand it? They need to make it much clearer what the rules are. Then people can make an informed decision.
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    Re: House passes credit card bill that helps consumers

    Quote Originally Posted by ADK_Forever View Post
    It's about f'ing time Congress stepped in here! CC companies have been taking advantage of people for years. "Read the contract"? Who the hell can understand it? They need to make it much clearer what the rules are. Then people can make an informed decision.
    You could just, I dunno, not get a credit card...

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    Re: House passes credit card bill that helps consumers

    Quote Originally Posted by Ethereal View Post
    You could just, I dunno, not get a credit card...
    That flippant attitude doesn't reflect reality. And I suspect you not only know that but, agree with me.

    When my cards started their games I tried to negotiate with them, telling them if they didn't lower their rates to where they were previously I was going to pay them off. They didn't and I did. I now have none.

    This industry has been screaming for regulation and now it seems they're about to get it.
    Thank You Barack Obama for Restoring Honor To The Presidency.
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    Re: House passes credit card bill that helps consumers

    Quote Originally Posted by ADK_Forever View Post
    That flippant attitude doesn't reflect reality. And I suspect you not only know that but, agree with me.

    When my cards started their games I tried to negotiate with them, telling them if they didn't lower their rates to where they were previously I was going to pay them off. They didn't and I did. I now have none.

    This industry has been screaming for regulation and now it seems they're about to get it.
    What you did was just fine, what need was there for regulation?
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Why so serious?

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    Re: House passes credit card bill that helps consumers

    Let us not forget that you are borrowing someone else's money. It's not yours. Never was.
    "I believe in a Spinoza's God who reveals himself in the harmony of all that exists, but not in a God who concerns himself with the fate and actions of human beings."

    --Albert Einstein, 1929

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    Re: House passes credit card bill that helps consumers

    Quote Originally Posted by Harry Guerrilla View Post
    What you did was just fine, what need was there for regulation?
    Well, is there a need for reporting and disclosure regulation for public companies?

    While people should be free to make the decisions like he did, firms and industries should be prohibited from deliberately obscuring or hiding relevant information that customers need to make intelligent decisions. This legislation at least partially addresses that with credit cards.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: House passes credit card bill that helps consumers

    Quote Originally Posted by obvious Child View Post
    Well, is there a need for reporting and disclosure regulation for public companies?

    While people should be free to make the decisions like he did, firms and industries should be prohibited from deliberately obscuring or hiding relevant information that customers need to make intelligent decisions. This legislation at least partially addresses that with credit cards.
    Yea but they include that information in your bills and just about every other time you get correspondence from them.

    Its really an old wives tale that all the legaleze is hard to understand, its spelled out pretty clearly.
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    Re: House passes credit card bill that helps consumers

    Quote Originally Posted by Harry Guerrilla View Post
    Yea but they include that information in your bills and just about every other time you get correspondence from them.
    Just because it's in there doesn't mean it's readable or understandable. A simple policies written in readable font and plain English would help. WorldCom's numbers were all there. They just were aggregated and disaggregated in a way that one can't figure out the actual economic reality.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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