An initial glance indicates that the reforms are good and will be helpful, that is until the credit card industry comes up with new tactics and rules that circumvent this reform. Make no mistake this will happen.
Here is my own addition to this reform. Get rid of all card debt or at least make no more purchases with the credit card. An emergency is an emergency, but when it comes to discretionary spending on items that you truly can live without, don't do it. We are into a new world, its hip to be debt free, and its better for your health.
McClatchy: Crackdown on credit card provisions begins Monday
The CARD Act, which President Barack Obama signed last May 22...
Instead of arbitrary rate hikes, exorbitant fees and murky calculations of interest charges, card companies must now be more transparent in establishing and disclosing the terms of their offerings, and, as a result, more prudent in the way they manage credit risk.
If delinquent cardholders pay on time for six straight months, the law requires that their higher penalty rates be lowered to their previous interest rates.
2 comments:
The credit scammers are a bunch of pirates. If u have a debit card make sure when your acct. runs out of money NO overdraft protection kicks in. This is nothing more then a scam, it works like this; the bank then essentially loans u $$ to cover the bill and charges u 10K% interest on that loan and its worse if you charge 5 other things that same day all of these loans ( they call them protection) are charged at the same rate !! Of course they use Orwellian newspeak to make it sound as though they are helping u out. These Fuckers need to be watched very closely.
"they use Orwellian newspeak to make it sound as though they are helping u out."
I hate that. Somewhere along the line they started to work the commercial language so that you were supposed to feel like your heart strings were getting pulled because the banks loved us so dearly and carefully. What a pile of shit, I always new it was pure bullshit. They try to soften their corporate persona in society and I'm happy to see that people are pissed at this entire charade. I mean this law is a bit of a slap at these people but there's no shortage of Harvard MBA's who will parse the laws and craft their obnoxious little greed cravings accordingly.
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