Friday, January 16, 2009

News: Democrats try to reform credit card Act

Now, this is 8.00 AM when the time I usually read news from various source. I am interested in credit card field and today I am searching in google news in tem "credit card". I found the latest interesting news - Reforming credit card Act led by Democrats. This Reform is tend to tighten credit card industry, especcially applying more rules that prevent credit card collapse. There is include unfair interest rate charged to customer. Actually google news forward me to Reuters and the quote shown below is the part of this news.

WASHINGTON, Jan 15 (Reuters) - Democratic U.S. lawmakers said on Thursday they reintroduced credit card legislation aimed at curbing "unfair and deceptive" practices against consumers hit by unexpected rate increases and other fees.

The action comes almost one month after the Federal Reserve approved final rules to prohibit a number of highly criticized practices starting next year, but lawmakers said the Fed rules failed to go far enough sooner to rein in the industry.

In the Senate, Charles Schumer of New York and Mark Udall of Colorado introduced credit card reform legislation authored last year by U.S. Rep. Carolyn Maloney of New York.

Maloney plans to reintroduce her "Credit Cardholders Bill of Rights" in the House of Representatives, which approved it last year.

I hope this act will reform as soon as possible to help the people reduce their burden of credit card debt.

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