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Credit card reform: better late …
May 19, 2009 - Per Peterson
The good news when it comes to credit cards is the Senate on Tuesday voted to prohibit credit card companies from arbitrarily raising a person’s interest rate and charging big-time fees that contribute to putting a lot of people in debt they can't recover from. The bad news is it took them this long to do it. Why wasn’t this done 10, 15 years ago? Desperate times … I know, but why should it take one of the country’s worst recessions to make decisions like this. The so-called leaders of this country need to learn to fix the hole in the roof before the storm hits instead of simply reacting in acts of good faith. An Associated Press story released Tuesday said this is the lawmakers’ way of telling Americans they have not been forgotten during the recession. Right. How about before the recession hit? No, these are politicians trying to save face. What they’re really telling us is, well, we’ve totally forgotten about you people until now. So, here ya go. Congratulations Americans — we’re not irrelevant anymore! The law would give credit card companies nine months to change how they do business. Why do they get nine months? Do you get nine months to make a minimum payment? Maybe they should get one month, then be charged a late fee for not being up to speed if they can’t change in time. And we should get to send them statements in the mail reminding them they’re past due. The reforms aren’t scheduled to go into effect until July 2010. Better late than never, I guess.
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