Credit Card Protection My ASS

As many have heard, Congress passed legislation this week that is supposed to make it tougher on credit card issuers to screw consumers, (Story in CNN.com). What a bunch of bull shit! Sure, it's nice for people who miss a payment, or exceed their limit, but for the rest of us, it's a worthless bill. They added a provision that requires longer notice when a company decided to raise the interest rate, or add a fee to the card, but there is little in the bill that restricts when they can raise those rates. For example; one comment on the article is from a guy who just got a notice that they are raising his interest rate even though he has good credit. When he called to complain they responded with "because of the current market." That's right, they raised his rate, just because they felt like it. This recently just happened to me as well. Last month I received a notice from my Discover card that they were raising the rate. I've got stellar credit, never missed a payment, never exceeded the limit, and they raised the rate. Absolutely nothing in the bill passed by congress protects consumers from this! I can afford to pay off the balance and stop using the card, but most consumers can't. So most consumers are still going to get fucked by the credit card companies… thanks for nothing Democrats!

One more thing - the Republicans slipped in an amendment to the bill that would allow people to carry firearms into national parks. What the fuck does that have to do with credit card lending?!?! What a BS way to get a law passed! You just slip in an amendment to a bill that is going to pass, even though that amendment has nothing to do with that bill.

Comments

Seattle Freeze said…
Well, that makes complete sense. OF COURSE the rider about firearms in National Parks in the CC bill is acceptable!
You know that's the only way to get something as stupid as that to pass, right?
PS-congrats on being able to pay your bills...you might be the only American able to do that right now. ...ugh.
Rooster said…
Actually, you're not seeing the whole picture. The Republicans did this for a reason. The National Parks have the oil taps, oil taps mean jobs, jobs mean towns built (because who really listens to the preservation laws anymore?), and in order for a town to function correctly, it needs businesses to keep the local economy going. To keep the economy going, you need credit. To have credit, you need a credit card.

See, it's all relative.

Oh wait, no it's not. It's a bunch of crap.

When is EC's meritocracy going into affect?
CM said…
hopefully soon, I know I've been promoting the concept.