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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.


 

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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?


Well, you can do what I did. I went and found a better card at a better rate.


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!


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!


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!


Agreed!


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?


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!


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.


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About the author
You've got the job of managing your money. No one in school taught you how. But you and I, we can teach each other, how to handle it, how to save for retirement, how to make money last, how to educate the kids, how to make a budget work. The conversations I have with my readers are fun. Money's important, but discussing it does not have to be boring.

Harriet Johnson Brackey Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.

Brackey has worked at Business Week magazine and at USA TODAY, where she was a founder and part of the original staff of the Money section at the country's first national newspaper. After nearly 11 years there - spent covering the 1980s bull market, the insider trading scandals, the 1987 crash - Brackey left Washington, D.C., and came to The Miami Herald. She spent the next decade writing a column about personal finance that chronicled the stock market's Internet boom and bust, as well as the popular Money Makeover features.

Brackey also has done commentaries for Marketplace Money, which airs on National Public Radio and The Nightly Business Report which is broadcast on more than 250 PBS television stations nationwide. She also has been a radio guest on WLRN’s Miami Herald News.
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