Quote:
|
Originally Posted by Riot
He was very well-dressed for this one - thanks, Obama! First provisions of Obama's consumer credit card protection act passed in May go into effect:
- Starting this week, card issuers need to give you more time to pay your bills. Now, instead of mailing bills 14 days before the due date, issuers must send bills 21 days in advance of the payment date. That will mean fewer people will get hit with late fees because of postal delays.
- Another provision going into effect this week requires card issuers to give you 45 days' notice when they plan to raise your rate, instead of the current 15-day advance notice.
- Starting in February, if there's an interest rate hike, it cannot be applied to existing balances. And if you carry a balance that has a variety of interest rates, when you make a payment it must be credited to the portion of the balance with the highest annual percentage rate.
And there's much, much more that will make credit cards less usurious:
http://www.suntimes.com/business/sav....savagearticle |
All of which are great except the number of people that can get credit cards and the amounts that those few that can are tiny. If you are responsible consumer these provisions do virtually nothing for you. Of course why help the people who are responsible...who have jobs, who make their mortgage payments, who already drive decent cars, who dont carry large balances on credit by spending beyond their means...