Comments on: Senate Passes Credit Card Reform Bill

President Obama Could Sign The Credit Card Bill Of Rights This Week; Would Ban Excessive Rate Hikes And Fees

[buttonjockey]

From the article:

: They defend their business practices as necessary to protect themselves when providing
: money to consumers with no collateral and little more than a promise to pay it back.

Isn't this a toxic loan? This is what caused the meltdown in the first place.

[endrepubs]

Another greatly misleading, uniformed and Obama biased article by CBS. Obama is actually penalizing those with good credit and those that pay on time to subsidize the losers and low-lifes that can't manage their lives. Cost free credit cards, lower rates, cash back and many other perks will be a thing of the past for those that pay on time.
Posted by despido at 10:05 AM : May 19, 2009

Despido,
The credit card companies actually hate their good customers. They actually call the customers who pay on time 'deadbeats' . That shows how much contempt they have for everyone!!!

[mars7578]

The reform AMERICA needs is for CONGRESS to return the bankruptcy law back to its pervious statue.This would have stopped most foreclosures and reduce credit card debt.The route this administation is way too costly ,too slow and will leave the economy in a weaken stage.Had the previous law been in placed,the housing market would have been stable and the banks loss could be classified as toxic assets.During the CREDIT FIX ,everything went up substanialy except wages not counting CEO's and wallstreeters.It is only natural that pricies have to fall, but the administation is giving too much money so that wallstreet can keep speculating with out fear of failure.This is why bankruptcy is the quickest and safe way to reorganize our financial markets so that our national debt will remain managable, put people back to work ,lower prices,more money in our pockets.and stop all these foreclosure without spending billions with little or nothing to show but a huge BILL.

[sjc_1]

The GOP in the Senate are so bought off by the banks that screw the public that they will water down and loophole the legislation so badly that it will do little if any good in the end. We all know how this goes, so don't expect anything different here this time either.

[despido]

Another greatly misleading, uniformed and Obama biased article by CBS. Obama is actually penalizing those with good credit and those that pay on time to subsidize the losers and low-lifes that can't manage their lives. Cost free credit cards, lower rates, cash back and many other perks will be a thing of the past for those that pay on time.

[novamba]

BeckieBest,
Do you mean the Republicans, or do you mean the party of NO, as in the party that said NO to more oversight of Freddie Mac and got the US into this financial mess? Ill give you a hint, it was not the GOP.

[gramto8]

Since our country is run by the wealthiest 1% who just happen to own the banks, real reform is always an elusive comodity. It's more about the appearance that politicians are doing something rather than any real substance. An example is the legislation they already passed that doesn't take effect for a year. That will allow them time to get reelected and then water down the credit card bill to appease the bankers.

Posted by tbbaot at 9:11 AM : May 19, 2009

This bill, if passed and signed into law, will be in effect nine months BEFORE elections take place. Tell me how the people in Congress can then go in and water down a bill that has already been put on the books as law.

[tbbaot]

Since our country is run by the wealthiest 1% who just happen to own the banks, real reform is always an elusive comodity. It's more about the appearance that politicians are doing something rather than any real substance. An example is the legislation they already passed that doesn't take effect for a year. That will allow them time to get reelected and then water down the credit card bill to appease the bankers.

[antoniof123]

Guess who's against stopping the credit card industry from raping consumers?

You guessed it, the party of NO!
Posted by BeckieBest at 8:54 AM : May 19, 2009

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And to make matters worst they are saying it is in the best interest of the consumer.

Translation:

Our buddies at the banks don't want it to happen it means they get less of a bonus and we can't have that.

[sdemaggie]

Barney, where's the interest rate cap? The interest rate is no longer controlled by the state usury laws (Supreme Court decsion in the '90's). A cap on interest rates is the only way to put the genie back in the bottle. Cap interest rates now!

[BeckieBest]

Guess who's against stopping the credit card industry from raping consumers?

You guessed it, the party of NO!

[novamba]

It's going to be so toothless after it gets through congress that it won't even be worth the money we spent to have them vote on it...

What a joke...
Posted by jtdev1

I absolutely concurr with you. This is a waste of time. I also dint see why this needs a year to take effect, or at least that is what the house measure provided. these are the same banks that contributed to the mortgage debacle. They get their bailout money right away, we have to wait for a year for legislation that will do nothing. It will just give the banks a year to figure out how to circumvent the "limits" placed by our wholly inept congress. This my fellow americans is the worst congress in the 200+ years of our history. this measure is proof. Both sides of the aisle suck. We had an inept president last year, but our equally, if not more inept congress, remains.

[jtdev1]

It's going to be so toothless after it gets through congress that it won't even be worth the money we spent to have them vote on it...

What a joke...

[endrepubs]

Nine months??? I don't think many people can wait that long for reform. That's 9 more months of raping their customers.

[architekker-2009]

Once they figured out a way to get the bailout money, they got away with it. I bet they'll do the same for the credit cards. You know how tricky bankers can get into. Bankers next to lawyers are the worst scum on the earth.

[architekker-2009]

I bet you this will not do much to solve this problem!

[BeckieBest]

Guess who's against stopping the credit card industry from raping consumers?

You guessed it, the party of NO!