I thought the Congress might move faster with credit card regulation, but it appears all they may have is a new “Disclosure” bill aimed at requiring credit card companies to spell out terms in a much clearer fashion, as well as provide “helpful” counseling phone numbers. Reuters reporter John Poirier is reporting via Yahoo that the Democrats have initiated new legislation for a disclosure bill that will definitely make these companies practices more transparent. Yet is that all there is? If so, that’s not enough! Consumers want greater protections from companies that yank up interest rates at the slightest whim and effectively prey upon people using exhorbitant fees and charges to justify “risk”. I already harped on the issue this week, but I hope the entire Congress makes greater progress with this issue, as well as reform by the companies themselves.
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