Something we have anticipated for a while has happened as the House passed a bill Wednesday to move up the effective date for credit card reform from Feb 22, 2010 to December 1, 2009. Just as credit card companies were beginning to sock it to consumers at the last minute.
According to CNNmoney.com, President Obama signed a into law the credit card reform act last May. The reforms were scheduled to be released in 3 installments over the course of 12 months.
Carolyn Maloney (D-N.Y.), one of the co-sponsors of the bill, said credit card companies "brought this on themselves" by taking advantage of the time between when the reform act was signed and when it was scheduled to go into effect.
"Congress can lock in a ban on interest rate hikes on existing balances and the tricks that have kept far too many consumers trapped in a never ending cycle of debt," she said.
What do you think? Should credit card companies need to have restrictions on the fees they charge? Who is to blame for credit card debt? The credit card companies or consumers?
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