And Finally A Few Rules For The Credit Card Corporations.
The not so new president of the United States Barak Obama is cracking down on credit card corporations that have for so long roamed the streets freely, new rules and regulations will cripple their reach into the credit card consumer pocket and will bind them to be more explicit on their contracts, finally the spender will be able to grasp what he is getting into when he acquires a credit card as well as the way the rates are handled. Most important of all, the statements have to be understandable as to the length that the debt will be carried till if only the minimum payment is met (which is what most of us do), the rates cannot be hiked indiscriminately, and the payment dates are set. The rules will be in place by the end of this year.
This does not convey that the consumer is home free. We are still going to have to pay what we owe but the arbitrary rate hikes we have been suffering from will be over. The bill as well gives restriction on marketing credit cards to teenagers and college students that are legendary for getting in trouble with said associations.
Finally something we can agree on, Is what can be evidenced from congress since this time the bill sustained bipartisan support despite the banking industry’s whining and continuous pulling of all the strings they could yank at. “I don’t mind the credit card corporations turning a profit we just want to make sure that they do so while upholding to standards of fairness and accountability” the president said.
It is no secret that people are struggling with debt. Especially in this economy and with a new president coming into power with the motto of “yes we can!” the credit card companies did all they could to call attention to themselves and thus motivating the president to take action towards an injustice that was being committed by them for a very long time.
The branded credit cards companies (not surprisingly) are saying that these new measures will backfire to the consumer by making credit less accessible by the lower classes. I wonder what effect these new rules will really have on the public since as we all know the credit card asociations answer to shareholders and this will mean less profit for them. And they will try to get it back some way or another.
It is worth announcing that this bill was passed with an amendment that will allow consumers to carry loaded, concealed weapons into national parks and wildlife reserves, so not all news are good. I will leave my thoughts about the gun rules and regulations in the States for another time. For now let us just be happy on the positive part of this new law.
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