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May 21, 2009


Mary Norby

It is clear that the Banks had a hand in writing this legislation! - The delay in its taking effect allows the "abuses" to continue for that much longer. They can, for instance, continue to reduce credit limits and raise interest even for those card holders whose payments have been timely. Reduced credit limits tend to reduce the creditworthiness of the borrower by increasing the ratio of credit in use. This is "foul play" in this economy.

Darren in DC

If, as the so-called consumer advocates quoted in this posting claim, this new credit card statute provides no new avenues for plaintiffs' bar enrichment, then it will stand starkly apart from practically every other bill the Democrats at both ends of Pennsylvania Aveneue have pushed into law thus far this legislative session.


This credit card legislation should irritate fellow consumer advocates. We often cite the Food and Drug Act of 1906 as toothless for 30 years for its lack of both enforcement powers and consumer access to to the courts

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