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Senate Republicans blocked a Democratic effort Wednesday to immediately freeze increases in credit card interest rates, fees and finance charges.
Shortly after Democrats passed credit card reform legislation in May, the card companies began jacking up rates in advance of its implementation. Major parts of the act won't take effect until February and August of 2010.
LOLOLOL It will be fun to hear the RTW Apologists' twirl on this one.
Well there goes "black friday" everyone....Now lets see how these merchants really do during the holiday. We already knew it was going to be tough, but now ....
LOLOLOL It will be fun to hear the RTW Apologists' twirl on this one.
Whats to apologize for?
The Democratic argument when it was pointed out that fees would go up and higher interest rates from the Obama passed legislation, resulted in "you can simply choose not to use your credit card if you dont like the fees", will apply here.
Dont like the interest rate, dont use it.. Hey, D words, not R..
The legislation would eventually lead to CC companies being more selective in approving applications.
In other words, people that shouldn't be having the cards to begin with will no longer get them. ( The CC companies just pass their bad debt on to the creditworthy in the form of higher rates)
Just another example of where the GOP protects corporations over middle class Americans...they don't even pretend anymore.
And who would that be? The only way Democrats could pass the bill in time for the holidays would be with the support of the GOP -- all but five of which voted for it initially.
CC regulation that passed was stupid and another failed attempt at implementing control which will only backfire screwing the consumer. They did this many years ago to the industry and it caused a huge amount of problems until regulations were relaxed.
Due to the legislation passed already, they raised my rates (they are doing it across the board to be able to afford the fact that the delinquents will now not have any penalties) and halved my reward points (I used to make 500 or more a year using the CC having them pay me rather than me pay them interest). All this legislation does is reward the irresponsible and penalize the responsible.
The legislation would eventually lead to CC companies being more selective in approving applications.
In other words, people that shouldn't be having the cards to begin with will no longer get them. ( The CC companies just pass their bad debt on to the creditworthy in the form of higher rates)
Just another example of where the GOP protects corporations over middle class Americans...they don't even pretend anymore.
I think the case here, though, isn't about bad debt being passed on to the creditworthy. I think that in this instance we're talking about credit companies ensuring themselves extreme profitability in advance of closer regulation. And the letters I've been getting from credit card companies during the last two months certainly bear that out.
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