Comments | clockworktomato: That credit card bill.

clockworktomato

That credit card bill.

May 20, 2009 16:07

That is, the legislation.

As someone who is precisely one tax refund (I hate you, post office) check away from being out of credit card debt (credit card debt, yes, all debt, no, thank you Vanderbilt price tag, but I'm getting there), I'm more than a little amused that now a big ol' whack-load of consumer-friendly credit card legislation is on ( Read more... )

random: discussion

Comments 4

coercedbynutmeg May 20 2009, 21:59:57 UTC

I'm a big fan of the mailing buffers. I had a card once that changed the terms and the letter was dated 15 days before the changes went into effect, but I got it maybe three days before the changes started. I don't carry a balance, but if I had, there wouldn't have been time to shop for a new card before the new stuff took effect.

I don't think they should legislate on young adult credit access. Heck, they let me borrow $26K to go to college and my "loan counseling" was a whopping five-question multiple choice test that just said I have to repay the money. Maybe some similar test should be in order, like a credit license or something.

fishsupreme May 21 2009, 02:15:29 UTC

Overall, I think most of the things they put it in are good ideas, even though it's probably going to harm me personally (without the ability to gouge the financially irresponsible, credit card companies will have to find a way to make money off people who pay their balance every month, which will mean cutting back on rewards programs and such ( ... )

silversliver May 21 2009, 06:50:56 UTC

Most of this looks good to me. I am especially in favor of 30+ days notice in writing on major changes to the account/fees. If I'm being awful, they can freeze my account before closing it on me.

I am not in favor of the proposed restrictions on issuance to people age 18+ and length of teaser rates at 6 months. Maybe there are some crazy-short 0% apr offers, but most I've seen are 6 months. Still, saying they need to be at least 6 months seems like undue meddling. Requiring the creditor *keep* those terms seems fair but should be covered by existing business law.

rev_thumper May 22 2009, 17:57:18 UTC

The 21 day billing notice sounds like fluff but isn't.

Time was these statements came with NET 30 terms and they have been reducing it over time. At this point if they mail a statement and you leave town for, say, a 10 day vacation, while it is in the mail you have no ability to pay the statement before the 14 days. Not gonna happen.

21 days helps but it really should be NET 30 again as far as I am concerned.

None of the rest of this helps me since it is likely the companies will punish me for paying my entire balance every month and not paying them interest.