House Passes Much Needed Credit Reform

Reader Comments
Back to blog

Really enjoyed reading this post -- great summary of the new bill and issues impacting credit card consumers. It's about time that we see some increased transparency in the credit card industry. I want to finally understand the true costs associated with these credit cards, and what's involved in my current credit card plans. Anyways, great post again!

Anna of VA 3:48PM May 20, 2009

I pretty much have given up on trying to figure out any of this stuff. I think they should make a law that you must get notified when whatever deal they've offered you is about to expire. That way I could stay on top of which credit card I need to immediatly pay off. As far as the cards now changing terms just because they can, it seems ridiculous that anyone allowed for this loophole in the first place.

monstro of MA 10:39AM May 06, 2009

This is a great post because it nails the issue. No one is against credit card companies making money. Just do not make money by trying to hide the true cost of your product!

Heather of DC 2:08AM May 03, 2009

The truth is this, where would we be without credit cards? Saving for months to buy a TV? Credit cards allowed our country to have huge growth by allowing us to buy several TVs in the time it took to save to buy one. That type of consumer purchasing increased demand in everything, which ultimately caused prices of goods to decline. We live a better lifestyle due to the use of credit.
Credit card companies reaped huge profits for years that now are dewindling. That decline and desperation to maintain those profits has caused their manipulative practices.
It is not the use of credit cards that has caused the problem, once again it is corporate greed of the many, but not all.

Citizen Sally of SD 10:31PM May 02, 2009

that consumers (and America) would be better off if credit card debt had been, in fact, harder to accumulate these past few years. So Less sales of stuff? Maybe. Some of it Chinese goods? Yes.) Better, brighter citizens? Absolutely. (Less $4.00 coffee drinks? Yes.) Less slavery to debt? Yes. Less inflation in the prices of some goods BECAUSE they cannot as easily be sold on credit? Yes.
Now we need to fix health care so that credit cards ARE NOT EVER the sole means by which some folks can obtain such care.

Muser of NM 5:44PM May 01, 2009