More on the Credit Card Bill Before the U.S. Senate

The National Consumer Law Center has just issued this fact sheet explaining why the credit card reform bill currently being debated in the U.S. Senate is needed to protect consumers from retroactive rate hikes, which would not be regulated under new rules issued by the Federal Reserve. Read more on the bill at U.S. PIRG's Consumer Blog.

Comments

[Andy]

While this bill ( http://www.savingtoinvest.com/2009/02/speeding-up-credit-card-reform-via.html ) may seem great on the face of it, companies will pass on these extra costs to consumers via credit card annual fees, tigher rules and more fees. All bad and will limit credit when the economy needs it the most. Be careful what you wish for President Obama. The consequences could be dire.