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Credit card reform derailed
Regulators are fighting other regulators over financial reform this week.
Meanwhile, some very important (to consumers) reforms that Congress passed just two months ago are already being derailed.
Heard enough from me yet about credit cards? No, no you haven't. Here's my latest commentary from The Nightly Business Report on PBS.
Harriet Johnson Brackey, the personal finance writer for the Sun-Sentinel, has been an award-winning business...
Comments
This is exactly what Chase did to me. They slashed my limit (by $10,000) to what my balance was and the took my fixed rate and doubled it and made it a variable. Funny how this is illegal starting in Feb. 2010. Do I have any recourse?
Posted by: FDByChase | July 24, 2009 2:15 PM
Well, you can do what I did. I went and found a better card at a better rate.
Posted by: Harriet Johnson Brackey | July 24, 2009 2:28 PM
Here we go again. Banks are allow to keep home values in foreclosure to homeowners that are loosing their homes. Credit cards are allow to change rates at their wish and the gov do not regulates until February 2010? Banks and credit cards never loose in a bad economy, we all citizens are the losers, after all we are here to keep the system up and running! and we can wait for credit card reform until Feb.2010!
Posted by: susana malnati | July 25, 2009 11:42 AM
Here we go again. Banks are allow to keep home values in foreclosure to homeowners that are loosing their homes. Credit cards are allow to change rates at their wish and the gov do not regulates until February 2010? Banks and credit cards never loose in a bad economy, we all citizens are the losers, after all we are here to keep the system up and running! and we can wait for credit card reform until Feb.2010!
Posted by: susana malnati | July 25, 2009 11:42 AM
Here we go again. Banks are allow to keep home values in foreclosure to homeowners that are loosing their homes. Credit cards are allow to change rates at their wish and the gov do not regulates until February 2010? Banks and credit cards never loose in a bad economy, we all citizens are the losers, after all we are here to keep the system up and running! and we can wait for credit card reform until Feb.2010!
Posted by: susana malnati | July 25, 2009 11:42 AM
Agreed!
Posted by: Harriet Johnson Brackey | July 27, 2009 11:52 AM
This article's linked video summarizes the reforms and the article says some reforms are being derailed. How about telling us which reforms are in danger of being derailed, or is that asking too much?
Posted by: Rob Sentergras | July 27, 2009 1:10 PM
When Bank of America doubled my fixed interest rate, I called and complained to the Federal Trade Commission. http://www.ftc.gov/ They gave me a reference number and let me know that I'm not alone. Apparently they have been receiving a lot of complaints recently. Everyone needs to make some noise if we want to be heard. Contact your elected representatives. Let's get something done!
Posted by: Joy | August 5, 2009 10:14 AM
Did anyone think that maybe the credit cards companies are just reacting to the legislation to make changes now while they still can? In effect the impending law is causing the bad effects it is meant to prevent...a typical well meaning law that causes more harm than good.
Posted by: G | August 9, 2009 7:31 AM