The credit card companies are out of control. A yes vote on this will bring unwarranted fees and intrest increase back to levels more consistant with the infraction.

Sure, and the card companies will respond by tightening credit and raising credit granting standards. I am in no way a defender of card issuers and their secret and variable “rules”, but it is important to understand for every action there is an equal and OPPOSITE reaction. Card companies won’t lose – they’ll just deny credit to anyone with a sketchy credit score. People who might otherwise be able to get credit will be turned down. I don’t think that is necessarily such a bad thing, because we all pay for those people. What I have never been able to understand is why normal contract law and the principles behind every other contract never apply to credit card contracts? Card companies can change the contract unilaterally anytime they want? It’s ridiculous! Any other business that enters into a contract must abide by its terms, but some banks and card issuers are allowed to circumvent them. I have often wondered why cardholders can’t sue for breach of contract? They should have the same remedies permitted to any other party to a contract, shouldn’t they?

Passage of new restrictions will have 3 effects. (1) Cardholders that meet the terms of their credit accounts will be free from “any time for any reason” rate increases. (2) The extension of credit will be limited to subprime borrowers. (3) The terms of balance transfers and introductory rates will be less appealing for consumers, since payments above the minimum payments will be applied more fairly across multiple rate balances. Expect these rates to go up slightly.

Consumers will like the rules while lenders will not. Adding a little fairness to the process may be needed. A special note: some card issuers already adhere to internal standards that are quite fair. The fee harvester cards and other abusive products sold by a few lenders are what is most needed to be corrected.

It is a good start although all the changes will still not adress the problems that con sumers face. even the fair debt collections parctices acts ONLY apply the private ententies and the ccredit card companies simply ignore the rules. NONE of these regulations will harm the bank nor hold them accountable for fasiling to give consumers options of repayment within reasonable terms if a major life change happens . ( ie loss of income . )

I’m weighing in late on this issue, but I’d only just heard about it. Something needs to be done. Consumers have had the deck stacked against them by the credit card companies, and it’s time we got some protection.
One thing I didn’t see in the bill (maybe I just missed it) was protection for the consumer if the balance is paid IN FULL before the due date. I’ve had some companies charge me interest even though I had paid the full balance on the card, and they refuse to remove the charges.

Contract laws should apply to credit card companies and all the terms should be in plain English.

Listen, I received a letter from Congressmen Castle R-DE about credit cards. His response was typicl politics. He clearly pointed out how credit cards have become a vital item in our society and that was have a “choice” of over 6,000 credit card lenders. He clearly forgot to recall that when one closes a card account or it closed by the bank ones credit report takes a huge hit. In the day and age when our " credit report" is more important than our social security numbers people should take notice. If you pay off your credit cards and don’t use them a bank can cancel them or raise your interest rate because they are no longer making money off the interest. Is that fair? NO! A car loan does not have changing rates but a credit card, which is in fact a loan, does and they frequently are changed. Credit Card companies are preditory lenders and with out any real oversight. Credit card companies want to make money, they won’t stop issuing cards. People with poor credit should have very low levels of available credit. Credit card companies need to be regulated and controlled. Unfortunately, there are no true men or women who have been voted in who have the ability to with stand lobbying from these entities to stand up to banks and protect consumers from abusive credit card companies.

I fully support this bill. credit cards have been out of hand for a long time.. In my opinion this bill does not do enough. but what it does do is 100% welcome and necessary.

what good is this? Credit card companies have escalated my rates from 4.9% to 24.99%…for no good reason at all! NONE. And they took bailout money. They will push me to deadbeat status soon, I have no $$ to spend. The only ones getting “stimulated” is the banks!