Monday, September 28, 2009

Credit card news-Further Credit Card Reform

Further Credit Card Reform

Credit Cards- What is Washington doing about our credit?

About three weeks ago, several important figures gathered together with consumers to discuss the need for reform in the realm of credit cards. For too long have the people been victim to deceptive contracts, double cycle billing, and other things credit companies have done in order to obtain their dues. This has more often than not led to the complete ruin of many an individual’s finances. Bankruptcy is not a word anyone wants to utter. In America alone, the citizens pay about fifteen million dollars in penalty fees. According to Washington, its time something was done about it.

This problem is nearly as large as the industry itself. About eighty percent of families in the United States have a credit card, and of them, only half retain balances in their credit accounts. This has been on the Obama Administration’s agenda for the past three months and according to Secretary Geithner, they have been aggressively pursuing its implementation. The president wishes to ensure that not only is this crisis solved now, but that it never takes place again. Geithner claims that the framework for this is already in the works.

The goal of these new reforms is to ensure that responsible consumers and investors are protected. One interesting rule imposed will be that what you see is what you get. No longer will consumers be blindsided by incomprehensible contracts. Another is the banning of unfair rate increases. The Obama Administration is off to a good start, it would seem, but can they keep it up? Only time will tell.

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