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So does anyone know when the new credit card bill may go into effect?

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lunatica Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-22-09 06:36 PM
Original message
So does anyone know when the new credit card bill may go into effect?
Do we have to wait for months while they squeeze as much as they can out of us?
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alsame Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-22-09 06:37 PM
Response to Original message
1. I heard on TV that it will take effect in 9 months. n/t
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MissB Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-22-09 06:40 PM
Response to Reply #1
2. I heard 90 days
From the local abc affiliate.
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alsame Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-22-09 06:41 PM
Response to Reply #2
3. Good, I hope that's right. 9 months seemed ridiculous. n/t
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Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-22-09 06:50 PM
Response to Reply #2
9. It's 9 months. n/t
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-22-09 06:42 PM
Response to Reply #1
4. That's what I heard, too. Yep, here:
Edited on Fri May-22-09 06:44 PM by babylonsister
The new credit card rules, which go into effect in nine months, prohibit companies from giving cards to people under 21 unless they can prove they have the means to pay the debt or a parent or guardian co-signs. A customer also will have to be more than 60 days behind on a payment before seeing a rate increase on an existing balance. Even then, the lender will be required to restore the previous, lower rate if the cardholder pays the minimum balance on time for six months.

http://www.huffingtonpost.com/2009/05/22/obama-signs-law-curbing-s_n_206944.html
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alsame Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-22-09 06:46 PM
Response to Reply #4
6. Oh, I was hoping 9 months was wrong. So many people are
going to get screwed for another 9 months.
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lunatica Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-22-09 06:45 PM
Response to Original message
5. Thanks for the responses...
It going to be a tough 3 months. I'm sure they'll do everything in their power to make us bleed money to them in every way imaginable. I wish it were immediate.
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Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-22-09 07:01 PM
Response to Reply #5
11. Change 3 to 9 and yeah 9 months is long time to bleed.
And no caps on rates.
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lunatica Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-22-09 08:19 PM
Response to Reply #11
13. You know, you'd think that something that's wrong in nine months would
be wrong right now.

Sigh...
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L0oniX Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-22-09 06:48 PM
Response to Original message
7. ...and Crapital One just upped my wifes card to 24.9%. Never been late either.
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bigwillq Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-22-09 06:51 PM
Response to Reply #7
10. Capital One sucks.
I still have them, but they're terrible.
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Canuckistanian Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-22-09 06:48 PM
Response to Original message
8. As soon as Global Warming starts to kick in
After that, you have 10 years to enjoy your newfound financial freedom.
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satflex Donating Member (1 posts) Send PM | Profile | Ignore Fri May-22-09 07:16 PM
Response to Original message
12. credit bill?
What credit card bill are you talking about? What is it supposed to do? Sorry for being so uninformed?
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lunatica Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-22-09 08:20 PM
Response to Reply #12
14. google is your friend....
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