Credit Card “Reform”
Yet again, the Democrat Congress acts to punish the responsible and reward the irresponsible:
Every American with a credit card will see sweeping changes in the market, with limits on sudden hikes in interest rates that drive consumers deeper into debt. Even cardholders who pay off their balance each month may face new annual fees or lose out on lucrative rewards programs.
Congress wrapped up the legislation Wednesday and sent it to President Barack Obama, who plans to sign it on Friday. The bill will revolutionize the market by restricting when and how a card company can raise an individual’s interest rate, who can receive a card and how much time people are given to pay their bill.
In general, the new rules — which go into effect in nine months — will protect debt-ridden consumers from many of the surprise charges common in the industry, such as over-the-limit fees and costs for paying a bill by phone.
“This cements a victory for every American consumer who has ever suffered at the hands of the credit card industry,” said Sen. Christopher Dodd, D-Conn., chairman of the Banking Committee.
But there will be losers too.
Banks, which oppose the legislation, will need to make up the cost somewhere, and cardholders who pay off their balance in full each month could see new annual fees and lucrative rewards programs canceled.
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May 20th, 2009 at 5:11 pm
Come on Poli, be quiet. Don’t be such a “damn partisan”. Hurry up and get in on the recovery so Obama can share the credit with you, lol. That’s all that matters.
The GOP is in real trouble, by denying the recovery. All all those new tax revenues will be reason to stop Obama’s massive spending plans. After all, everyone knows the more money democrats have, the LESS likely they are to spend it.
Or something. Makes sense to me. Anyway, who cares about socialism and credit card politics when there is a great recovery on the way?
May 20th, 2009 at 5:12 pm
Anyway, this should not be a surprise. More redistributive change, as Obama puts it.
File under “not a surprise”.
May 20th, 2009 at 5:43 pm
The only positive thing about this bill is that being able to carry firearms into national parks got attached to it.
May 20th, 2009 at 5:45 pm
yeah!
May 20th, 2009 at 5:49 pm
Soooo….
The tempting thing is to hit the town and MAX THEM OUT!!!!!
Time to tell my posse next round is on me boys- and grab some chicken wings…. OBAMA PRESIDENT NOW!!!
READ: that means someone else will pay for it!
May 20th, 2009 at 6:56 pm
I consider 30%+ interest rates to be loan sharking, which is agains the law. So I guess that this website now supports loan sharking as well besides the Annointed One’s huge spending plans.
May 20th, 2009 at 7:19 pm
This is one of his more interesting speeches I believe.
Ron Paul House Floor Speech: Current Conditions or Just a Bad Dream 05/19/2009
I liked the part of the escape from the crowd.
Rand has his work cut out for him to ever be able to give speeches like that if he wins.
May 20th, 2009 at 7:23 pm
Someone should tell the FED about this recovery…
May 20th, 2009 at 7:38 pm
Ron Paul absolutely destroys Ed Schultz
Schultz is like a Bill O’Reilly on PCP. Worst interview ever.
May 20th, 2009 at 9:02 pm
May 20th, 2009 at 5:43 pm
The only positive thing about this bill is that being able to carry firearms into national parks got attached to it.
Since you mentioned guns, I finally got my CCW in the mail.
I hand delivered my application and it took 10 weeks to process because of the backlog. It used to take about two weeks.
Now I can sign up for some more advanced CCW handgun training. What’s great is you don’t have to worry about carrying any type of weapons around or having them in conspicuous cases and no more background checks when buying firearms. All I have to do is show my permit and they wrap it up.
I still have to decide what sort of carry weapon I will use. I sort of narrowed it down to .40 cal subcompact semi-auto. I tested the Glock, XD and the M&P and like the M&P best. Still would like to test a .40 PX-4 Sub. I like the new Ruger LCR too, but I think I would like more bullets than a revolver can hold. The Ruger has optional laser grips which is cool and probably pretty intimidating if a bad guy sees a red dot on them.
All in all though I have come to enjoy shooting rifles better than pistols, but it’s not practical to conceal carry a rifle.
May 20th, 2009 at 9:55 pm
Whatever gun you choose, BCL,
Make surte you use your VISA-
And buy two. With lots of Ammo. Apparently Obama is buying with SOMEONE ELSES MONEY!!!! WOOHOO!!!!
May 20th, 2009 at 10:22 pm
You lost me on that one Gerry.
May 21st, 2009 at 6:56 am
Associated Press
Lansing — Michigan’s unemployment rate rose to 12.9 percent in April, its highest mark since late 1983.
The state said Wednesday that Michigan’s seasonally adjusted jobless rate was pushed up by large job losses in manufacturing and construction.
Last month’s jobless rate was the highest in Michigan since unemployment reached 13 percent in November 1983. Michigan’s jobless rate in March, 12.6 percent, already was highest in the nation.
Where is Oak Leafs daily post about how great things are looking?
May 21st, 2009 at 8:12 am
I’m not much of an American Idol fan, but the favorite was the glam guy pushing the gay agenda.
The media was pushing this as a red state/blue state contest. He lost to the kid from AR.
May 21st, 2009 at 8:28 am
BCL
Bottom line to American Idol is that Red State loyalty won over progressive liberalism in the the Kris versus Adam contest.
While I don’t like to politicize entertainment events, it was nevertheless a nice moment when Kris won!
Also, regarding new credit card legislation: my husband and I are one of those pragmatists who pay our cards off each month, never ever having had a charge extended over to future billing where we would have to pay any interest charges.
It’s ironical that it is people like us who will be charged new “annual fees” to compensate banks for the lower interest charged to those who overextend themselves.
Just another example of productivity and restraint being taxed!
May 21st, 2009 at 9:55 am
They also had a big hate on for our local Idol contestant Danny Gokey.
May 21st, 2009 at 10:09 am
Hmmm I’ve never watched that show. Looks like crap tv.
May 21st, 2009 at 10:39 am
Former Rep. Porter Goss — the Republican chairman of the House Intelligence Committee at the time and who sat in the same briefing as Pelosi refuses to say whether he was briefed on water boarding at the time.
D’s and R’s are may both just be protecting the CIA at this point.
May 21st, 2009 at 10:43 am
Not voting for someone because of their sexual orientation is a good thing.
May 21st, 2009 at 10:54 am
WND unveils “Where’s the Birth Certificate” road signs.
uhhhh…so here isObama’s Certificate of Live Birth
I found it for them.
May 21st, 2009 at 11:22 am
“invalid10
May 21st, 2009 at 10:09 am
Hmmm I’ve never watched that show. Looks like crap tv.”
I’ve never watched the show either. I like to see the Real Housewives from NYC bicker with one another LOL!!!
May 21st, 2009 at 12:11 pm
May 21st, 2009 at 10:43 am
Not voting for someone because of their sexual orientation is a good thing.
Ha LMAO, typical leftist.
May 21st, 2009 at 12:13 pm
May 21st, 2009 at 10:54 am
WND unveils “Where’s the Birth Certificate” road signs.
uhhhh…so here isObama’s Certificate of Live Birth
I found it for them.
CoLB is not a BC.
May 21st, 2009 at 1:11 pm
Sure wish John Boehner hadn’t signed off on Obama’s eligibility.
Please donate all you can to support the many lawsuits being filed in order to track down The Truth on Obama’s eligibility when you’re at WND!
May 21st, 2009 at 2:03 pm
What is the over/under date that Arnold becomes a donkey?
May 21st, 2009 at 5:50 pm
Sorry I should have said a “certification of live birth” because a “certificate of live birth” is the same as a birth certificate.
A Certification of live birth is what Obama has available.
From my understanding the State of Hawaii controls the certificates of live birth and releasing it is illegal for some reason.
May 22nd, 2009 at 9:41 am
Those of us who pay off our credit card bills every month aren’t really using them to obtain credit, but for convenience. That convenience is worth something, but not a huge amount. Losing rewards programs, well those are a way the companies compete for the good customers, not a big deal. Annual fees, well I got my credit card back when that was standard.
The critical point is, how much? Below some threshold, I’ll keep using my card, above it, and I’ll cancel my card, going back to writing checks, using cash, and in some cases continue to use my absolutely no fee (and no reward) merchant card. Or use a debit card of some kind.
Point being, I don’t have to sit still for being sheared.
December 24th, 2009 at 4:14 am
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