Faith & Social Justice: In the spirit of Richard Overton and the 17th C. Levellers

Senate Passes New Credit Card Regulation

By 90-5, the U.S. Senate has passed a new Credit Card Holder’s Bill of Rights.  It’s tougher than the House version, but still waits too long (9 months!) t0 take effect!  Could we stop seeing credit cards marketed to children through “Hello Kitty” websites?  Could we stop seeing people who pay ON TIME, EVERY MONTH, have their rates raised from 7-20% for no reason other than the banks’ desire to make up investment losses on the banks of consumers (who already kept them solvent through taxpayer bailouts)?

Is this the end of credit card practices that amount to legal loan-sharking, practices that would get a mob boss a long prison sentence?  I certainly hope so.

90-5. Very bi-partisan.  Did Congress put the American people ahead of their corporate contributors for once? Amazing.


May 19, 2009 - Posted by | economic justice

1 Comment

  1. I hate to say it, but it seems to be all about the almighty dollar.

    Comment by Paul | May 21, 2009

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