Jeff's Blog

The Senate recently passed a credit card reform 90 to 5!  Now a strong bill is heading to the House of Representatives.

The new credit card bill will help consumers by:
    * Moves up the Fed’s effective date
    * Restricts all interest rate increases during the first year
    * Restricts interest rate increases on existing balances
    * Increases notice for rate increase on future purchases
    * Preserves the ability to pay off on the old terms
    * Places limits on fees and penalty interest
    * Requires fair application of payments
    * Requires issuers to consider consumer’s ability to pay
    * Prevents deceptive marketing of credit reports
    * Provides sensible due dates and time to pay
    * Protects young consumers
    * Restricts issuance fees on fee harvester cards
    * Requires enhanced disclosures
    * Establishes gift card protections

 

The banks are doing everything thing they can to prevent these reforms from becoming law.  If you want to help eliminate some of the tactics that credit card companies are using, you can help!  All you have to do is take action by emailing your representative to vote YES to enforce new credit card laws.  But hurry, this bill heads back to the House for a final vote this week!