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Obama signs Credit Card Accountibility,
Responsibility and Disclosure Act of 2009
Law will be known as The CARD Act

I only had to wait 151 days for Resident Obama to do something I could say I agreed with. He signed the CARD Act. Same goes for 5-term Sen. Chris Dodd [D-CT] who sponsored the legislation. (Of course since neither I nor any of those in Congress who voted on it read it, there could always be some fine print penalty that no one's seen and nobody will talk about until your credit card company tells you their credit card provisions lets them repossess your kids. But on the surface, it appears the credit card company has to have your credit card statements in your hands at least 21 days before the payments are due; and your payments will now fall on the same day of the month. And, if the credit card company wants to hike your interest rate, they have to give you 45 days warning. And, if you decide you don't want to pay a higher interest rate, you can cancel your card and the credit card company will be stuck with the lower interest rate as you pay off your card.

I would like to have seen Congress make a tougher bill that did not allow credit card companies, when they raise interest rates, not to be able to raise them on any old balances on the card before the rate hike is implemented.

 

 

Just Say No
Copyright 2009 Jon Christian Ryter.
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