Financial Information
Will the proposed credit card reform affect existing credit card debt and high interest rates?
Question : Will the proposed credit card reform affect existing credit card debt and high interest rates?
I was wondering if the Credit card reform bill that’s been making its way through the House and Senate will help people who already have high interest credit card debts? Is it going to be retroactive, or is it simply to help protect future credit card users, not those with current credit problems?
high credit card debt
Best answer:
Answer by Mel M
While the final bill has not been agreed upon between the House & Senate to send to the President for his signature, neither the House nor Senate versions of the bill have retroactive provisions. When the bill is passed, the rules will apply beginning on the start date cited in the legislation (sometime in 2010).
If you need help right now, take action immediately. Do not wait for this new legislation to be enacted.
Hope this helps. Good luck.
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#2 written by Sargonarhes 1 year ago
From what I’ve read the bill tell banks or credit card companies they must give a grace period of X days before interest rates can go up on the cards. That sounds all well and good but there is a down side to this bill that makes me want to say screw you to any one for it. To make up for the loss of money banks may have to place a fee on cards to people who make their monthly payments on time.
I make my payments on time, why should I have to pay for the slackers that can’t? Screw you libtards, screw you congress, and screw you obama. A meteor strike on washington dc would be a blessing right now.
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I believe the short answer is yes, it will help people who are already paying high interest rates, not just stop them from raising them on people with low rates.