Nice! I don’t understand how it got past the credit card companies’ lobbyists though. Unless even they can’t convince politicians to look the other way anymore…
Nice! I don’t understand how it got past the credit card companies’ lobbyists though. Unless even they can’t convince politicians to look the other way anymore…
There are a lot of loopholes in the new law, as I was reading in this Friday’s Hamodia. (A Jewish daily newspaper that has regular news in it too.) Apparently the credit card companies will just make more money from unlimited extra fees and such, but some of the more dishonest practices they won’t be able to make money from…
There’s more than just additional fees as far as the loophole goes, the number of loopholes numbered over a dozen. 🙁
Loopholes are the political equivalent of hydrogen — they’re the most common element in any law. 🙂 From what I’ve heard, loopholes or not, it should at least curb the worst abuses.
Yeah, it’s definitely a good bill for consumers, even though the credit cards won’t get much cheaper – just easier to see what they’ll be charging you before you get one.
I’m not sure that cards won’t get cheaper. Among other things, card companies can’t play games by mailing statements out ever-closer to the due-date to get you to make a late payment so they can boost your interest rate into the stratosphere — that alone should save people a ton of money.
Of course, the banking industry will respond by increasing the interest rates on cards, they’ve already said as much. But in the end, it may still result in cheaper cards. It’s certainly a lot more honest this way, and honest competition should drive down prices.