The not so new president of the United States Barak Obama is cracking down on credit card associations that have for so long roamed the streets freely, new rules and regulations will immobilize their reach into the credit card consumer pocket and will bind them to be more explicit on their contracts, finally the consumers will be able to grasp what he is getting into when he acquires a credit card as well as the way the rates are handled. Most important of all, the statements have to be strait forward as to the length that the debt will be carried till if only the minimum payment is met (which is what most of us do), the rates cannot be increased indiscriminately, and the payment dates are set. The rules will be in place by the end of this year.
This does not mean that the consumer is home free. We are still going to have to pay what we owe but the arbitrary rate hikes we have been suffering from will be over. The bill as well gives restriction on marketing credit cards to teenagers and college students that are infamous for getting in trouble with said associations.
Finally something we can agree on, Is what can be evidenced from congress since this time the bill obtained bipartisan support despite the banking industry’s whining and continuous pulling of all the strings they could yank at. “I don’t mind the credit card corporations turning a profit we just want to make sure that they do so while upholding to standards of fairness and accountability” the president said.
It is no secret that individuals are grapple with debt. Especially in this economy and with a new president arriving into power with the motto of “yes we can!” the credit card associations did all they could to call attention to themselves and thus causing the president to take action towards an injustice that was being committed by them for a very long time.
The branded credit cards associations (not surprisingly) are saying that these new measures will backfire to the consumer by making credit less accessible by the lower classes. I wonder what effect these new rules will really have on the buyer since as we all know the credit card corporations answer to shareholders and this will mean less profit for them. And they will try to get it back some way or another.
It is worth noting that this bill was passed with an amendment that will allow people to carry loaded, concealed weapons into national parks and wildlife reserves, so not all news are good. I will leave my opinions about the gun rules and regulations in the States for another time. For now let us just be happy on the positive part of this new law.
Grab useful hints in the topic of junk silver prices – this is your personal knowledge base.
Other articles you might like;
- Marc Jacobs Handbags Are High End But Not High Brow
- Keep It Sober and Safe When the Paintballs are Flying
- Crossbows Offer a Unique Exciting Hunting Experience
- Coach Products Blends Tradition with Leading Edge Design
- Ski Boots The Key To Your Enjoyment On The Slopes
Tags: Credit Cards