Finally maybe the consumer will get some relief from all of the crap put out by the credit card companies. You still got the line from them and the American Banker's Association that this will make it harder on consumers.
There was also this comment:
Scott Talbott, senior vice president of government affairs at the Financial Services Roundtable, an industry group, said most interest rate changes are a result of actions by consumers. "A small number of Americans have seen an increase in their interest rate due to the increase in riskiness in the economy," he said.
All I can say to this is what of load of crap. My actions had nothing to do with the increase in my rates. This was done solely so Bank of America could make more money.
This bozo then added this:
Any changes in terms over the next months, he said, will not be based on the credit card legislation. "Increases in interest rates and fees aren't premeditated," he said. "They are the result of market forces and contract terms."
Yeah right. They have nine months to implement the new rules which don't allow rates to be raised by whim. I'm sure no one's interest rate will be raised during this time. I guess I have to ask is how dumb do they think we really are.
And to get an idea of just how bi-partisan this is the Senate bill passed 90-5. You can read about it here.
The smartest thing for people to start to do is join a credit union. They have very reasonable rates on cards. I was able to join the NIH Credit Union because I'm an alumni of GW. I'm looking into possibly refinancing with them. And I'm also looking into getting a credit card. One where the interest rate would never go up and there are no fees on balance transfers.
I hope tomorrow to get some more information on the loan. I'm not entirely sure if this will work but at the very least I plan on getting the credit card.