Credit Card Bill of Rights Can’t Come Quick Enough

The credit card Bill of Rights which was enacted by the Federal Reserve Board will not go into effect until July 1, 2010. That’s not quick enough for some people and Congress has taken up their cause. It would seem that our esteemed political leaders in Washington have finally been cured of their tone deafness and are about to do something about the predatory practices in the credit card industry.

Cardholders that have never missed payments before are now seeing interest rate increases that are really not justifiable. The term “convenience users” is used by the credit card companies to describe cardholders that rarely if ever carry monthly balances. The fact of matter is is that these account holders are not very profitable for the credit card issuers and they would just assume see them go away. They are the new targets for many of the credit card issuers.

That is why so many of them are seeing increases to their credit card interest rates. Banks and credit card companies state that they are merely trying to minimize their risk in these trying economic times. However, consumers and now the United States Congress are saying it is nothing more than profiteering on the part of the credit card companies.

To that end Congress is now drafting their own form of the Credit Card Bill of Rights that may go even further than the Federal Reserve Board’s version. They would also like to see it on the books prior to July of 2010 so that consumers do not have the wait over a year for protection from unfair practices.

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Related Information:

  1. Know Your Rights As A Credit Card Holder While Congress works on the newly proposed “credit card bill of rights“, I felt it was important that I share with you exactly what your rights as a credit card…
  2. We Support The Credit Cardholders’ Bill of Rights There is presently legislation pending that will protect credit card account holders from arbitrarily having their interest rates raised. It is called the Credit Cardholders’ Bill of Rights and is…
  3. The Credit Card Holder’s Bill Of Rights Is Finding Massive Support in the Senate And now it is the United States Senate’s turn to weigh in on the so-called credit card holders bill of rights. Senate Banking Committee Chairman Christopher Dodd of Connecticut is…
  4. White House Addresses Credit Card Abuses The White House recently announced that it supports congressional efforts to bring about reform in the credit card industry. This dovetails with the Federal Reserve Board’s creation of the Credit…