On Thu, 18 Dec 2008 21:07:21 -0500, "Eisboch" wrote:

There may be a bit of a silver lining to the economic mess we are in.
In addition to exposing Wall Street frauds and con artists, the attention
given to the problems is starting to light a fire under some Congress
Critters and causing them to clean up their own acts.

Just saw a investigative report on CNN. The reported was digging into a
credit card reform bill that has been languishing in Congress for almost 3
years. The proposed bill (now being or has been passed) prevents credit
card issuers from doing things like raising interest rates on previous
balances and requires a 45 day notice to give the holder an opportunity to
shop for other card providers.

But, this bill has been sitting in Congress for years. When Chris Dodd, the
Chairman of the Senate Banking Committee was asked why no action had been
taken until now, his comment was "We've tried but have met with strong
resistance from the banks who issue the cards."

Now, what the *hell* does *that* mean? The bank is holding Congress
hostage? What a wimpy answer.

That guy strikes me as a real sleazeball. Good example of how the
Dems have been "looking out for the little guy."
The only reason this change is getting through is "You can't squeeze
blood from a stone."
They were perfectly happy to let the CC companies squeeze the stones
until they dried up.
Problem they have now is lessening the number of looming personal
bankruptcies.
Either Obama or Clinton voted for a recent CC bill - a year or 2 ago -
- that allowed a usurious 30% rate, "because it was a good deal."
I saw one of the Fox "right wing" commentators commenting on how
disgustingly usurious the CC rates were.
When Fox guys are to the "left" of the Dems, it makes you wonder what
happened to the Dem party.
There are too many pukes of both parties to shake a stick at.
That's why I gave up on party labels long ago.
I'm 'left" or "right" on different issues.
What I've heard about the bill you mentioned is it takes effect
mid-year.
Probably to allow the CC companies to re-program their billing and
accounting systems.
Rate increases - for whatever reason - only affect new charges.
So you have tiered interest charges, which take more calcs.
Principal payments are applied to the highest interest tiers first.
Lots of timing/notification changes too.
It's complicated enough IT-wise that you can't change it quickly.

--Vic