A bill to reform the practices of credit card companies is likely to end up on President Obama's desk before Memorial Day. So what's in this bill, and what does it mean for the average credit card user? To help us understand how this bill will affect consumers, we turn to finance writer Beth Kobliner, author of the book
Get a Financial Life: Personal Finance in Your Twenties and Thirties.
"Frankly, a third of people don't carry a balance from month to month. So those people don't care what the interest rate is on their credit card. They're just paying off their bill, using their credit card as a convenience. And those people won't get hurt about it."
—"Get a Financial Life" author Beth Kobliner on credit card reforms
Comments [3]
Does it build your credit to carry a small balance on your credit card?
If Bank of America wants to charge 1000% a year in interest on balance, today or a year from now -- is there or will there any law to stop them? Will there be with the new so called Consumer Credit Rights legislation?
If no usury limits are being chosen and set, I would love to hear why not -- and whether any politicians have expressed embarrassment about this.
After all, this is the one piece of legislation that would be a game changer (instead of simply tidying up).
If a credit card holder fails to make his or her payments with other creditor(s), is it reasonable to assume that he or she now represents a greater risk?
Why is it wrongful to charge such a person a higher rate of interest rather than spread the costs over the entire customer base?
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