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New Credit Card Rules Activate

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Posted on Aug 20, 2009
White House

With the folksy charm of a timeshare salesman, Austan Goolsbee of President Obama’s Council of Economic Advisers outlines some of the new credit card rules, which began taking effect Thursday.

There’s plenty to like here, but don’t let Goolsbee’s enthusiasm fool you into thinking America’s plastic loan sharks have lost their bite.  —PS

White House:

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By manifestmoney, September 28, 2009 at 1:29 am Link to this comment
(Unregistered commenter)

that’s the change obama

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By truedigger3, August 21, 2009 at 11:00 pm Link to this comment

That Austan Goolsbee should have been a used cars saleman. What a bunch of hot air and baloney he is spewing.
The most important thing is that the credit cards companies can still raise the interest rate anytime and there is no limit and the fees and the penalities are still as they wished.
Providing you with readable contract etc etc is nice but the most important thing is how much interest is charged and the penalities and fees.
Another make-believe posturing without real substance and bite from team Obama.
Where are the financial regulations talked about in this piece. I guess he meant bailing out Wall St. and the banks and doing nothing to stem the tide of forclosures. Enough bullshitting.

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By mackTN, August 21, 2009 at 6:48 pm Link to this comment
(Unregistered commenter)

Banks are simply stealing from people.  You try to pay down your debt, set up automatic payments, and suddenly your pay date changes (they reserve the right to change terms), or your interest rate increases and suddenly you’ve underpaid triggering a late fee and more increased rates (they reserve the right to change terms). They dont’ want you to pay down your debt; they want you to pay them for life. 

I say stop paying them.  It’s unsecured debt meaning they can’t come after your house or assets; all they can do is hound you and lower your credit rating.  Choose the cards you want; pay them.  And screw the ones that are screwing you.

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By Rodger Lemonde, August 21, 2009 at 4:40 pm Link to this comment

What a bunch of warm hearted folks this article
brought out. I wonder if they know what the best
going rate is and how much less it is than they are
paying. Hope they are paying close to 20%.
For too many people a credit card is the difference
between having gas to get to work on payday and
missing a day’s work. These people get stuck with the
bad interest rates and painful increases.
Amex just shagged me for a higher rate and yes I will
tell them to sod off. Fortunately my credit rating
gives me the freedom to go where the good rates are.
Far too many have little option.
Has any one noticed that in all the discussions of
the economy lately we hear about the rich and the
middle class and no one worries about the poor?
Now isn’t that a thing to take pride in?

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Leefeller's avatar

By Leefeller, August 21, 2009 at 6:39 am Link to this comment

The same people bellyaching about consumers protections would argue against their own best interests. Here we have the fed doing something to protect peoples rights so as not to be taken to the cleaners, why do I feel these complainers miss Bush and Chaney?

Obama must not do anything right for to allow good things to happen is a no, no! Yeh, this is socialism, that’s it, this is socialism!

Decisiveness is important in the grand scheme of things, for a people united would have seen this done a long time ago same as a national medical plan.

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Fat Freddy's avatar

By Fat Freddy, August 21, 2009 at 5:53 am Link to this comment

We are talking about two willing participants in a contract agreement, right? If you don’t like the terms of the contract then don’t enter into it. WTF.

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By RobertinWestbury, August 21, 2009 at 5:18 am Link to this comment

Wow… Two negative comments to a very positive thing we’re getting.  There are all kinds of important protections in the new rules.  Just one of the more important is that a creditor cannot raise your interest due to the status of any of your other creditors.  That is a serious problem.  I used to work in Debt Management and if a person put one account on debt management b/c their interest was too high, the others (that he/she had current) would raise their APR rate.  They can’t do that now.  Somewhere I had printed out the particulars of this new law, but can’t find it in my massive gathering of saved articles…  but I remember at the time seeing 4 or 5 very important consumer protections. 

It’s dismaying to see a good thing belittled.

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By ergo, August 21, 2009 at 2:58 am Link to this comment
(Unregistered commenter)

that’s the change obama was talking about? ridiculuous.

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By Valley Girl, August 20, 2009 at 11:27 pm Link to this comment
(Unregistered commenter)

What a phony, from the overhyping of the reform to talking as though he is from the Ozarks.

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By Snowie, August 20, 2009 at 9:27 pm Link to this comment

Come off it. Any intelligent person with credit card does not need to be baby sat by Uncle Sam. What the real deal here is…is there is NO real change. In fact the credit card companies could care less that they have to make print more readable, due dates more explicit etc. Real change would have forbidden credit card companies raising rates on an established customer. This is not the case. They will be raising rates and doubling payments and more. There is no Protection here….just a bunch of little tid bit changes to appease the stupid idiots that reside in U.S.ofCorporations and Bankers.

The masses have nobody to blame but themselves for what they are about to get. Even third world nations, the citizens will riot and protest government and corporation controls. Not in U.S. The people really are as stupid as all the foreigners have been saying.

You all get what is coming to you….which is…you lost your nation.

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