2008-05-12T12:40:46Z opencongress.org tag:opencongress.org,2007:/bill/comments/49093 2008-05-12T12:40:46Z tag:opencongress.org,2008-05-12:/comment/14117 kennethwlong 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. 2008-03-25T17:04:52Z tag:opencongress.org,2008-03-25:/comment/3665 rnlozano 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. 2008-04-17T08:52:11Z tag:opencongress.org,2008-04-17:/comment/6807 Anonymous 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?