Home Loan Focus

Maybe you have heard of this bill with the cute catch phrase.  It sounds like just the thing most of us need to get a little protection from banks that are trying to get back to profitable with our fees and interest charges fueling their way. 

Well don’t hold your breathe on this one. Sure its going to pass, but its not going to do you a bit of good.

Want to know why?  Read the last ‘Right’ in the provision.

The Credit Cardholders’ Bill of Rights:

1. Protects cardholders against arbitrary interest rate increases
2. Prevents cardholders who pay on time from being unfairly penalized 
3. Protects cardholders from due date gimmicks
4. Shields cardholders from misleading terms 
5. Empowers cardholders to set limits on their credit
6. Requires card companies to fairly credit and allocate payments 
7. Prohibits card companies from imposing excessive fees on cardholders
8. Prevents card companies from giving subprime credit cards to people who can’t afford them
9. Requires Congress to provide better oversight of the credit card industry
10. Contains NO rate caps, fee setting, or price controls

Yep, that’s right.  Your Credit Cardholder bill of rights, if it passes will not prevent banks from continuing to raise your rates sky high!  Sure, they may not be able to nickel and dime you to death, they won’t have to.  They can kill you with a bazooka of an interest rate.

Plus, this law will not be retroactive to say the first of the year or something.  All the banks have been rapidly raising rates and doing all of the things that this bill would block already, so that the changes will be in place before the law is ever signed.  They won’t be able to do these things in the future, but they won’t need to.  The damage will already be done.

What options does this leave you?

The only right you really have left to protect yourself from the credit card companies is either to not use a credit card or if its too late and you can’t pay them all off tomorrow, take a look at bankruptcy.

Yeah, I know.  Congress is really doing you a big favor with this.  Its called pandering.

For more info on this you can visit House Rep Maloney I’m not saying she’s a bad person, but I am saying that this bill of rights is more bill and too few rights.

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