House votes to rein in credit-card fees, interest rates

[Cronopio]

Source: McClatchy

WASHINGTON — Over the objection of the White House, the House of Representatives on Tuesday overwhelmingly passed legislation to curb what its sponsors regard as abuses and unfair practices in the credit-card industry.

By a vote of 312-112, The Credit Cardholders Bill of Rights Act sailed through the House amid a new political climate of increased regulation and oversight of the credit and finance industry.

However, the legislation faces an unclear future in the Senate, where members are focused on crafting and passing the financial bailout. The White House is seeking quick passage of the Wall Street rescue measure before Congress adjourns on Friday, which would make action on the credit-card legislation unlikely in the near future.

...

In a statement, the White House said the bill would also make credit more expensive for some borrowers and harder to get for others because it would hamper card issuers' ability to set prices based on borrower risk.


Read more: http://www.mcclatchydc.com/251/story/52977.html

[msongs]

1. it will hamper credit card issuers "rights" to gouge people mercilessly lol nt

[MichiganVote]

2. My, my...amazing what a little ole' election can do for a lazy ass Congress

[mediaman007]

3. I hate to say it, but not getting a credit card may be a favor to

people who can't pay the usury fees that they charge.

[harun]

19. Definitely a favor to them (n/t)

[brentspeak]

4. Bush and his cronies are upset that it'll be harder to fleece the average American

They really are the lowest-of-the-low.

[dweller]

5. are you sure about that?

"However, the legislation faces an unclear future in the Senate, where members are focused on crafting and passing the financial bailout."


computer says N O o o....
dp

[InvisibleTouch]

6. Wow, something that would actually help me!

Hope it passes in the Senate. I see a lot of parallels between my own financial mess and the country's financial mess ... we're all wondering "How did I ever get into this situation?" Hope we're all learning from it, too. I know that if I ever get out of my own mess, I'll never make another one like it. Hope the same is true of the country.

[closeupready]

7. Excellent. Now if they would just rollback the bankruptcy "reform"/indentured servitude act,

we'd be talking.

[bluesmail]

8. Keep the momentum going. Add a few more 'add ons'.

Don't stop. ! Keep going !

[Captain Hilts]

9. Wow! nt

[jwirr]

10. They may have seen the handwriting on the wall street. If we cannot

pay our mortgages, are not buying as much as usual then maybe we are not going to be able to pay off our credit cards. By forcing the cc companies to keep interest down there is hope that we can at least keep up the payments.

[atjrpsych]

11. credit card companies have been just as unethical!

The credit card companies practices have been completely deceptive, I can't believe what they have gotten away with. This has been the decade of deceit and greed.

[GoddessOfGuinness]

12. That's great news!

:bounce:

[trthnd4jstc]

13. Thank G-d! I hope that there are enough votes to override the idiots veto. nt.

[whistle]

14. great

[ladywnch]

15. what a crock!

........would also make credit more expensive for some borrowers and harder to get for others because it would hamper card issuers' ability to set prices based on borrower risk.

I have a double AA credit rating and still get credit card offers showing anywhere from 13-15% above prime. I'm a credit risk?!!! This is usury pure and simple....but oh yeah, REAGAN got rid of the usury laws and allowed for predatory credit.

[Javaman]

16. I will be interested to see if Biden shows up for the vote. nt

[OakCliffDem]

17. K & R

[Vidar]

18. While I prefer the Indian workers' approach of killing CEOs, not bad for our cowardly Congress.

[trudyco]

20. A voice of sanity? It's a long time coming -nt

[Zorra]

21. Heh, this is an excellent move. If Bu*h vetoes it, republicans are toast.

But will our friendly traitors, the usual Dem suspects in the Senate, like Typhoid Mary, the Nelson twins, and DiFi, de-rail us before it gets to Bu*h?

[Vinca]

22. This is a good first step in helping consumers actually pay off their debt.

The credit card industry is right behind the criminal lenders in driving this country into the ground.

[Scout]

23. K & R n/t