S.392 - Credit Card Reform Act of 2009

A bill to protect consumers, and especially young consumers, from skyrocketing credit card debt, unfair credit card practices, and deceptive credit offers. view all titles (2)

All Bill Titles

  • Official: A bill to protect consumers, and especially young consumers, from skyrocketing credit card debt, unfair credit card practices, and deceptive credit offers. as introduced.
  • Short: Credit Card Reform Act of 2009 as introduced.

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  • hank 02/10/2009 6:15pm
    Link Reply
    + -2

    More law to correct a non-problem. Read the damn terms on your credit card. Problem solved. We don’t need to reward ignorance.

  • Comm_reply
    moeislem 02/19/2010 12:38pm

    Did “hank” write this comment or “bank”?

  • Anonymous 02/23/2009 1:35pm

    this bill does not go far enough. Credit card interest rates need to be capped either nationally or by state. Credit card issuers should not be allowed to increase interest rates (except in variable rate situations) on consumers in good standing.
    Credit card issuers should be made to post interest rate increase alerts to all members signed up for online account access.
    Credit card issuers are raping the American public and helping to cause individuals to default.
    By allowing the current usury rates charged by credit card issuers the law is letting them make indentured servants of the public.

  • ms_mich 03/06/2009 9:14am

    This bill does not go far enough >> I agree!!! I also don’t believe that these credit card companies and banks, who themselves have been proven not to be credit worthy at all, who are borrowing money from US, the American people since they ran their credit fully in to the ground get to also be the ones who regulate OUR LIVES and OUR credit ratings based on some hidden formula THEY have created. These banking companies and credit card companies can’t even qualify for their own credit based on the very scores they regulate us by. They should not be given so much power (or rather none anymore) over our lives on some hidden 3 number score somewhere – and a number that they have now destroyed by consistently upping interest rates while the economy is sinking and while they themselves are being bailed out with OUR money!

  • charlesgliva 03/26/2009 11:09pm

    Hank, you can read the terms on your credit card all you want, interest rate hikes and hidden fees will still happen.

  • kwabs 05/21/2009 5:31am

    This bill does not go far enough >>> I agree… How about a truth in lending statement attached to each monthly statement? This would show card users how much money they will throw away in interest payments if they pay lowest amount each month.

  • Sforrester 05/28/2009 3:41pm

    Hey people. Look at S.414 also AND H.R.627.

  • moeislem 02/19/2010 12:56pm

    This bill does not go far enough >>> I agree. This bill is a joke. When I first heard about the bill I thought, wow, amazing, our senators/representatives finally did something for the people rather than for the big corporations. But I just realized it is just some token hand out mostly for show. I just learned that I had misunderstood what I considered the most useful item in the bill. I thought any payments you make will first go towards the portion of your debt that has the highest interest rate. This is not the case! Only the portion of your payment OVER the minimum payment, if any, will go towards the higer interest portion. The leaches still apply your minimum payment to your lowest interest rate debt, so they can keep sucking the blood as long as possible!

    I honestly believe a good number of our Congress people are criminals and corporate agents, and all are selfish ego maniacs who will do anything to accumulate wealth while in power.

  • TCooks2007 03/23/2010 6:46am

    This bill does not go far enough on the credit reporting side of the issue. A person who decides to only pay for what they can afford to buy by paying cash is currently penalized by getting a low credit score. A low credit score means that person cannot apply for jobs, has high deposit requirements for utility services, etc. This is NOT RIGHT!!! It is only a means the financial institutions use to enslave the people to their credit and to their games to suck the people dry. We will no longer stand for it. Heed the people. Don’t forget the power of the mob.

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