Credit-Card Law Has Painful Impact

[Joanne98]

As Memorial Day arrives, veterans and military families will be victimized by continued credit card interest rate and fee hikes, and under the House-passed credit card bill, abuses will continue until next Memorial Day, because the effective date of the key provisions of the House bill is a year from enactment.

The President demands passage of the credit card bill by Memorial Day, and is holding a town meeting this week, saying credit card rip-offs do great and unfair damage to Americans during a recession with high and growing joblessness.

Does the President oppose the one-year effective date in the House bill, and favor an immediate end to the rip-off practices he condemns?



If someone is drowning, do we wave the life preserver but say, "Tough luck, you can't have it for a year"-?

Small business is the great engine of growth and innovation, yet millions of small-business owners are victimized by paying for bailouts, then being denied loans by banks hoarding money "" and then, needing credit to run their business, having their interest rates hiked, fees increase and credit limits slashed.

Should small-business owners endure another year of these abuses?

Across the heart and soul of America today, millions of workers are desperately trying to save their companies, keep their jobs and make ends meet. Should they spend another year suffering interest rates hiked to as high as 30 percent, rates once banned by usury laws and imposed by organized crime?

Homeowners throughout the land will be on their knees tonight, praying to God that they can continue making payments to avoid being the latest victims of our Grapes of Wrath.

Having paid for the bailout, should they be forced to fall to their knees for another year, begging banks not to impose additional hardships that the President, the House, the Senate and the Fed all claim are abuses that should be ended?

Mr. President and ladies and gentlemen of the Congress, I have been in this town a long time and have seen many things, but even by the standards of "business as usual,"- this is horribly and terribly wrong.

If Congress passes this bill, with this effective date, at this time, in this nation, with this hardship befalling so many of our people, this will be remembered by voters as a dark day for Democrats, Republicans and Congress.

When 600 million credit cards receive a "change of terms,"- voters -- who receive these letters before this bill is effective, in states and districts throughout the nation -- will rise against those whose votes imposed this pain. Any delayed effective date is a lethal weapon against hard-hit Americans, and will be a lethal weapon to be wielded by any challenger against any incumbent unless this provision is dramatically changed.

continued>>>
http://www.opednews.com/articles/Credit-Card-Law-Has-Painfu-by-Brent-Budowsky-090513-37.html

[Dr.Phool]

1. And a card that I kept a zero balance on, just went out of business.

I kept an Advanta card, just for protection against Chase. I figured if and when they jacked up my interest rate, I'd just transfer the balance.


http://www.cleveland.com/business/index.ssf/2009/05/advanta_credit_card_shutdown_d.html

[BR_Parkway]

2. It's like passing a law saying murder is wrong and we'll start prosecuting

anyone who kills someone after May 15th 2010.

One more example of the corporate control of Congress.

And the Advanta situation is going to be a big blow to small businesses trying to stay afloat - their whole model was small business owner's credit lines

[Hawkowl]

3. Beatings will continue

until morale improves! It is absolutely unbelievable to me that the Obama administration has so swiftly and willingly capitulated to Wall Street's version of fucking the middle class for the
"good of the country".

They are simply hell bent on killing the goose that lays the golden eggs. I predict ever increasing credit card defaults because people are going to refuse to keep getting screwed by the banks we were forced to bailout. So what if you take a hit to your credit score? It's not like you are ever going to qualify for a loan in this lifetime again anyway. In this scenario, it is RATIONAL to default now, and start saving your money. People are simply going to stop paying usury.