It's about time to put a stop to credit card companies that abuse the consumers. I support Sen. Christopher Dodd (D-Conn.), chairman of the Banking Committee in his effort to save all the consumers who have become victims of the credit card industry. On Friday, President Obama will sign the bill and will take effect in nine months.
The passing of the credit card bill caused dismay among members of the American Bankers Association. They are concerned that "the Senate bill will have a dramatic impact on the ability of consumers, students, and small businesses to obtain and use credit cards." However, I see this bill as a reminder that the present administration is working for the good of the people. In closing, I'd like to quote Sen. John Kerry (D-Mass.), "We've got too many hard-working families in Massachusetts struggling to keep their heads above water, and the last thing they need is to get whacked with unfair credit card fees."
2 comments:
I think it's good that the government is finally acting, but it's like closing the barn door after the horses got out. The ridiculous rate increases have been going on for months and they've just thought about getting around to it now, in May?
See, this is why I don't have any credit cards because of all those high fees but because of that revolving credit like companies like mine credit score isn't all that high. No big deal I just pay for what I want when I need it and save for something big. Nobody in their right mind would want a card right now in this depression anyways.
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