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House Passes Credit Card Crackdown Legislation

The House moments ago passed a bill placing new restrictions on companies that issues credit cards by a vote of 361-64. The vote follows yesterday's Senate passage of the bill, which now heads for President Obama's promised signature.

The House also passed an amendment to allow firearms owners to carry their weapons into national parks, 279-147.

The bill includes a number of restrictions on credit card companies, which advocates say are designed to protect card holders, such as prohibiting card issuers from retroactively raising interest rates on card customers unless their bills are more than 60 days past due.

You can read more provisions of the bill here.

-- Frank Ahrens
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By Frank Ahrens  |  May 20, 2009; 2:26 PM ET
Categories:  The Ticker  | Tags: Obama, credit cards  
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Think about it . . . raising the interest rate for those who are more than 60 days past due? One would think that the reason they're past due is because their balance has been doubled due to:
1. The lack of restraint on the credit card holder; and
2. The lack of reign over the credit card company's increasing the interest rate, therefore doubling the credit card holder's balance.

Posted by: tistheway | May 20, 2009 2:42 PM | Report abuse

Rec'd mail yesterday from CitiCard. They are cancelling our account since 2001 for non usage. Never late and solid credit scores. We have no balance and haven't used in a few years. Our credit scores are mid 700's.

Credit card companies will now press forward to do whatever evil practices they can to recover. They're already trying to reduce their overall available credit to Americans. From what I have read, this practice w/ding my credit score now. I will write to the credit agencies stating the reason my account is closed and not in my best interest.

Posted by: dlschuyler8 | May 20, 2009 2:47 PM | Report abuse

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