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July 28, 2010

  • News:  More Fair Play for Credit-Card Consumers

    At last, some relief. Rolling out this month is another leg of the CCARDA consumer protection legislation signed into law by Mr. Obama way back last year. Several new protections for credit card consumer protections will be enforced by law. This new extension (financial-overhaul bill) was created after Congress noted the many ways that the credit card industry began skirting the spirit of the protections intended by the old bill. This new bill was also signed into law by Mr. Obama just last month. Such things as less deceptive disclosures and more fair credit-card rate and fee control are covered by this bill.

    Accountability is the name of the game. The purpose isn't to restrict free trade, just to keep it on the up-and-up. We all know the credit card industry is hurting and needs more revenue. But the wise should understand that the best way to raise more revenue is not by "sticking it to the credit card customer".

    Nothing is ever simple when trying to define what's "fair". So the guiding hand is motivated to find the balance where the credit card provider and the consumer both benefit and our nation overall is the best for it. Where that point is has always been in contention between the credit card industry and Congress.

    The largest players of the credit card industry are hurting with monumental default levels dissolving profits and are already finding ways to skirt the new provisions by contriving new types of fees and finding new ways to still jack up interest rates anyway. So now, a new cat and mouse game is ingraining itself into the equation. Because of this, the system may continue to need tweaking for a long time to come.

    For the details, please refer to the extended article series entitled "More Fair Play for Credit-Card Consumers ".

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