Banks and consumers brace for new credit card rules

[goingforbroke]

The Federal Reserve is to vote on credit card reforms that may bring some relief to customers who face a variety of ways for being hit with late fees, universal defaults, shorter payment periods and confusing payment allocations for different balances.

http://www.reuters.com/article/topNews/idUSTRE4BC1YK20081213?feedType=RSS&feedName=topNews&pageNumber=1&virtualBrandChannel=10272

[hereforinfo]

I hope this passes. It's been necessary for along time and I think it would help reduce bankruptcy filings and perhaps prevent a credit card meltdown.

[banca rotta]

I hope this passes. It's been necessary for along time and I think it would help reduce bankruptcy filings and perhaps prevent a credit card meltdown.

Me too. Do you see what Citi is doing? They are losing money, they got a bailout from TARP (from me and you and future generations). Now they are raising their credit card rates. They just don't get it do they. They will make a few dollars more on a few and bankrupt a lot of their card holders that otherwise wouldn't need to file and will cry for more tarp money later.


I tell ya I never agreed with the dems but the "pro-regulation" dems in congress need to regulate this industry. The big banks defy all logic.

[Willy13]

Banks, Energy and Healthcare all need to be regulated in my opinion. I'd rather pay some taxes and hopefully have some kind of safty net then be thrown to the wolves when these idustries lose their economic minds.

[magyar123]

One of the sleaziest fees that should be gotten rid of is the "Express Payment" fee that requires customers to pay almost $15 if they want to pay online ON the due date and have the payment posted/reflected ON the due date.

[Willy13]

That's just as bad as the cable company charging you extra to pay in person.

[AMISLANDER]

Teco charges $2.95 to pay your gas bill online...

[Bandit]

I tell ya I never agreed with the dems but the "pro-regulation" dems in congress need to regulate this industry. The big banks defy all logic.

They regulate it better only because they turn around and take it from you in taxes.

There is a no win situation with the 2 party system in control.

[Bandit]

That's just as bad as the cable company charging you extra to pay in person.

Oh yah. I recall that stuff. One place charges you 2% if you pay in person & another place charges you 2% if you do a debit by phone. Another place charges 2% if you use a credit card.

Just be prepared that when you pay for anything, you get charged something extra for paying.