New credit card limitations in US - Democratic Underground

dipsydoodle

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Fri May-22-09 06:47 AM
Original message

New credit card limitations in US

Credit card companies in the US will soon be bound by new restrictions on their ability to charge fees, or raise interest rates on existing borrowings.

On Friday, President Barack Obama is signing a new law which will come into full effect next February.

The changes have been described as "monumental and expensive" for the card companies to implement.

The limits are deliberately aimed at preventing some people taking on too much personal debt.

http://news.bbc.co.uk/1/hi/business/8063108.stm

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hobbit709

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Fri May-22-09 06:49 AM
Response to Original message

1. So between now and next Feb.

The bastards are pretty free to do what they please. Big Deal!

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Sadie5

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Fri May-22-09 08:13 AM
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2. And still no cap on interest

Oh well...another day in Washington

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MercutioATC

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Fri May-22-09 11:52 AM
Response to Reply #2

4. But they're not allowed to apply increased rates to existing balances, right?

(or so I remember reading)

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Gormy Cuss

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Fri May-22-09 08:58 AM
Response to Original message

3. "Many of the new US policies already exist in the UK under the Banking Code..

"Many of the new US policies already exist in the UK under the Banking Code and have done for four years," she said.

And yet there are still credit cards in the UK. Hmm.

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Thu May 16th 2024, 10:39 AM
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