We have continued to post status on the bills that are going to be a smackdown on credit cards. Now we get to meet you "the best friend a credit card user ever had," Rep. Carolyn Maloney.
Donna Rosato, money Magazine senior writer, wrote this story for money Magazine and I thought it was great to see the person who has become a sworn enemy of card issuer shenanigans.
(Money Magazine)-- "From the floors of Congress to the people in my district, everyone has a credit card horror story," says Rep. Carolyn Maloney. Such stories helped make this New York Democrat the sworn enemy of arbitrary interest rate hikes, excessive fees, misleading terms, and other shenanigans.
Thanks to Maloney's efforts (she introduced a Credit Cardholders' Bill of Rights in 2008), the Fed passed new regulations last year banning card issuers' most egregious practices.
But the new rules don't take effect until July 2010- so she has introduced a bill that would require them to kick in much faster, plus limit other damaging moves, such as target minors.
With the support of heavy hitters like Rep. Barney rank, the bill has a good chance of passing. (It will probably come up for a vote this spring.) "There's tremendous momentum for making these changes now," Maloney says.
Don't doubt her. After all, she's the reason ATMs have to warn you before charging a fee (she wrote that law in 1999). Next up: legislation requiring you to be notified when a purchase with a debit or ATM card would trigger an overdraft fee.
It is going to be very interest to see if this new bill speeds up the process and get rolling before 2010. Even if it does I speculate credit card companies will kick into high gear to stick it credit cardholders as much as they can before things go into effect.
Do you have a credit card horror story? Let's hear from you.
Donna Rosato, money Magazine senior writer, wrote this story for money Magazine and I thought it was great to see the person who has become a sworn enemy of card issuer shenanigans.
(Money Magazine)-- "From the floors of Congress to the people in my district, everyone has a credit card horror story," says Rep. Carolyn Maloney. Such stories helped make this New York Democrat the sworn enemy of arbitrary interest rate hikes, excessive fees, misleading terms, and other shenanigans.
Thanks to Maloney's efforts (she introduced a Credit Cardholders' Bill of Rights in 2008), the Fed passed new regulations last year banning card issuers' most egregious practices.
But the new rules don't take effect until July 2010- so she has introduced a bill that would require them to kick in much faster, plus limit other damaging moves, such as target minors.
With the support of heavy hitters like Rep. Barney rank, the bill has a good chance of passing. (It will probably come up for a vote this spring.) "There's tremendous momentum for making these changes now," Maloney says.
Don't doubt her. After all, she's the reason ATMs have to warn you before charging a fee (she wrote that law in 1999). Next up: legislation requiring you to be notified when a purchase with a debit or ATM card would trigger an overdraft fee.
It is going to be very interest to see if this new bill speeds up the process and get rolling before 2010. Even if it does I speculate credit card companies will kick into high gear to stick it credit cardholders as much as they can before things go into effect.
Do you have a credit card horror story? Let's hear from you.
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