Last May, President Barack Obama signed into law the credit card bill. The credit card bill introduces several regulations that aim to help credit card holders get fairer treatment from their credit card companies. The bill contains regulations that will stop the arbitrary raising of interests and fees, minimize the offering of credit to high risk consumers such as those below 18 and force credit card companies to have clearer and more easily understood languages on their credit card agreements...
Continue readingThe credit card industry has been quite loud in expressing their fears over the negative effects that the passage of the credit card bill will bring. While consumers are hailing the credit card bill as their long awaited relief from oppressive credit industry practices, the credit industry insists that the bill stifle credit availability for consumers instead.
Last week, President Barack Obama presented his plans for establishing a separate agency to monitor and safeguard the rights of...
Judging by the clamor for the credit card bill and the general jubilation among credit cardholders and their supporters when President Barack Obama signed it this May, it could not have come at a more timely fashion.
The credit card bill is a very important and much needed piece of legislation for credit cardholders. Already burdened with the economic recession and the employment crisis, credit cardholders were staggering under the weight of rising interest rates and fees that credit card...
Consumers heaved a sigh of relief when, last May, President Barack Obama signed into law the credit card bill which was fast tracked through Congress and released also this May. Consumers are seeing the credit card bill as a great equalizer which will give them better control over their credit and curtail the unfair and abusive practices of credit card companies.
However, credit industry insiders are warning that the credit card bill may not be as consumer friendly as it sounds.
For the...
The credit card bill was signed before Memorial Day just a few days ago and already, it is getting hit by criticisms left and right. Credit card industry supporters are saying that the bill ultimately cuts off credit from people when they need it the most. Credit cardholder advocates are calling the legislation weak.
The credit card bill is essentially a legislation that came out directly from the credit cardholders themselves. The complaints of credit cardholders got loud enough that...
Last Friday afternoon, President Barack Obama and key personalities from congress gathered in the White House for the signing of the credit card bill.
The credit card bill is a controversial bill that aims to correct what many see to be the fraudulent and deceptive practices of the credit industry. Amidst the outcry of overburdened credit cardholders, the President and the Congress responded with a bill that curtails arbitrary interest rate increases, protects cardholders paying off debts,...
The passage of the credit card bill has gone remarkably fast. The House version passed during the last days of April and the Senate version just got passed last week. A few days later and President Barack Obama signed the bill into law.
Credit cardholders are excited to finally see some sensible regulation for credit cards. Long feeling oppressed and frustrated by arbitrary interest rate increases and unreasonable fees, credit cardholders have been pressing for the passage of the credit card...
With the recent signing of the credit card bill by President Barack Obama, it seems that consumer friendly credit cards will be on the way. Or will it?
Throughout the deliberations of the credit card bill, the credit card industry has largely been on hand providing dire warnings that the passage of the bill could have largely negative effect on the credit industry. According to credit card companies, with the passage of the bill, American consumers will experience a drying up of...
Government legislators are up in arms over what to do with the economic downturn that is recently plaguing the United States. Their latest bid to stem the tide is the much hyped credit card bill scheduled for release Tuesday.
The government is still reeling from the financial crash that happened late last year. The effect of the crash still continues up to this day. RealtyTrac Inc. recently reported that the foreclosure problem has worsened. This April, a jump of 32% of American homeowners...
The credit card industry has issued warnings that the passage of the credit card bill will mean that credit will no longer be available to some consumers.
Following a huge outcry from consumers, President Barack Obama and the congress have made a legislation that aims to correct certain practices of the credit card industry, which many consider to be deceitful and unfair. There is a high probability that the legislation will be placed on the President's desk by Tuesday next week. With...
It seems that President Barack Obama's all out support for the credit card legislation may finally yield results come Tuesday. According to Sen. Harry Reid, Senate Majority Leader, the U.S, senators have decided that Tuesday evening will be when they will hold a vote on whether the credit card bill will get senate approval or not.
The credit card legislation under deliberation in the Senate aims to stop controversial credit industry practices. It will also make it much more difficult for...
President Barack Obama continues to be an all out supporter of the credit card bill, which is aimed at protecting credit cardholders from some of the shadier practices of the credit card industry. To recall, credit card companies issued massive interest rate hikes and late fees, which had credit card consumers crying foul.
The House has already answered the outcry of the consumers with their Credit Cardhoders Bill of Rights and Senate may release their Credit Card Accountability,...