Credit bill of rights roundtable
So how will this new credit card bill of rights directly affect consumers? Tess Vigeland welcomes a variety of experts to sound off about the pros and cons about the new law.
Master Card credit cards (Mike Clarke/AFP/Getty Images)
More on The Economy, Spending, Retail, Fed. Budget/Govt. Spending
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From omaha, NE, 06/02/2009
these credit card companies are doing their own thing now. we have 1 credit card that they keep changing the due date every month just so, they can charge you late fee. i complain to the ftc and this credit card company gave our late charge fee back but reduce the amount of credit from 500.00 to $360.00.which didn't make any sense. we asked for the due date for the 23rd of month. which we had for 4 months and they change the date to 21,20,22, now the date is the 21st of month. and when a person get paid once a month. you would like everything due on 1 date, not whole bunch of different dates.
From Salt Lake City, UT, 05/27/2009
The short term economic contraction has already come with the credit crunch. I find claims that our economy will significantly decrease in the long run if people are limited to credit they can afford spurious. Credit cards are the most expensive way to buy anything and are a huge drain on people with lower incomes. Shoving back consumption a month or two, until people can actually afford things, will simply redistribute money within the economy in the long run. People will actually be able to buy more goods when less of their income goes to Credit Card interest payments.
Ultimately even credit card companies and responsible users will benefit from higher margins and lower rates due to fewer defaulting borrowers. Credit Card companies are fighting this because they have gotten lots of money from debt slaves and don't want to let them free.
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