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April 2011
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gwen [userpic]
Hooray congress for seeing the Credit Card crapola!

This is probably badly timed, but kudos to Congress anyway for working on making shady credit card practices unlawful. I mean, given that the credit card industry is already in a bit of a crisis, this definitely won't help things... but I am really callous and want to say that they got themselves into this bind by pulling stunts. And really, Congress is there to ... *shock* ... REPRESENT US, not the credit card companies. So, I praise Congress on this one!

Current Mood: quixoticquixotic

total agreement from me.

I cannot tell you how many times we have opened the bill to find that the APR has shot up for NO REASON (bills were all paid on time)

so we call and bitch, and they lower them again.

wash, rinse, repeat.

I love the one quote about how "this will lead to higher prices and fewer credit options for consumers" and "It doesn't allow for risks"

Please. I pay my bill on time. Why did my interest rate go from 6.99% to 10.49% and when I call "we're sorry, but we can't do anything about it"


I hope they stay strong and don't weaken to the lobbyists.

Never fear, even if they do Bush is certain to veto it and the Republicans are sure to prevent the veto being overridden. Can't let the peons constrain the rights of their masters, y'know.

Edited at 2008-05-02 04:57 pm (UTC)

Here's hoping for a massive overhaul of credit card companies, all lending institutions, and, dare I say it? It'd be nice if Congress took some screws to credit reporting agencies.


Yah, after my house is bought and all mortgage in, etc, the financial lady said she's going to help me with my credit. And, like talldean's web page about fixing your credit, it seems that the best way to fix your credit is to... not pay your outstanding bills. That seems so utterly counterintuitive to me.