Credit card reform

Mar 4, 2010 | | |

I for one am pleased that Obama signed in the credit card reform bill over here. I know the Republicans are horrified that they failed to block one of Obama's bills but it should only lead to better habits for people with credit cards. The problem is that I suspect the people who have the most trouble are those who don't ever open their statements, let alone make any payments. So having the credit card companies print info on the statements like how long it will take you to pay off the card only using the minimum balance will have no effect. The credit card companies themselves are already waffling and backpedalling claiming they need more time to prepare. How can that be? The bill was signed in June last year and came into effect at the end of February this year. Do they really need more than 8 months to change a couple of lines of software to print out more stuff on the statements and change all the due dates to the same day of the month each billing period? At least one of the credit card companies has already laid the groundwork for higher interest rates, by pulling the "poor" card. Now it's going to be more difficult for them to extort money from their customers using shady practices, they're not going to make as much profit. The only way they'll be able to rectify that situation, no doubt, is to jack everyone's rates up.