Pushing up the Date for Credit Card Rules
I don’t usually agree with anything Barney Frank has to say but he gets my nod on this one. Reuters said today that Barney is considering a bill that will push the date for the Card Holders’ Bill of Rights ahead to December 1 of this year. Even the feds are now seeing what the likes of Chase and others are doing.
I predicted on the day that Obama signed the bill that card issuers would start rate jacking, lowering credit limits, and raising interest rates. In fact, they started when they found out about the bill. The issuers have been at it hot and heavy ever since.
December 1 is still enough time to rake cardholders over the coals, but at least it’s two months that the issuers don’t have. Is it too little too late? Maybe, but it’s a step in the right direction and the government hasn’t gone in that direction in a while.
Mr. Frank has my support on this but I doubt that it will make it out of committee. The card association lobby is too strong. Lawmakers will figure “what the heck, it’s only two months, why bother?”
