View Full Version : Congress Approves Bill Restricting Credit Card Industry, Allowing Guns in Parks

05-21-2009, 10:03 AM
"The new restrictions would protect debt-ridden consumers from many of the surprise charges common in the industry, like over-the-limit fees and a charge to pay the bill by phone.

Some of the changes, including a requirement that cardholders receive 45-days' notice before their rates are raised, are already on track to take effect in July 2010 under new regulations by the Federal Reserve.

But the legislation would put these changes into law and go further in restricting when and how banks charge people and who could get a card.

For example, the bill would require people under 21 to prove first that they can repay the money or that a parent or guardian is willing to pay off their debt if they default.

As banks scramble to make up for the lost revenue, cardholders who pay off their balance in full each month could also see annual fees become the norm and lucrative rewards programs canceled."


Any opinions on this bill? The credit card part, that is. I don't care about guns in national parks, but I am in principle against amendments that have NOTHING to do with the parent bill.

Overall, I think the bill is okay. Higher interest rates and "lucrative reward programs" are not an issue for me. We have not had consumer debt for a very long time; consequently we can pay for pretty much whatever we want. As far as I'm concerned, this would take us back to the credit landscape I remember from thirty years ago; as a kid in college, of course I could not get a credit card - I had no income! I was added to my father's AmEx account, and he could see immediately when I used it. :eek: That sure meant I couldn't run up $8000 worth of pizzas.

An annual fee is okay, if it's $20 or $30; the card companies being competitive with each other should keep that fairly moderate. People just won't have ten cards in their wallets anymore, which they should never have had in the first place. We got an invitation for the Visa "Black Card" in the mail the other day; when I saw a 13% interest rate and a $495 annual fee, I just laughed and threw it away.

05-21-2009, 11:06 AM
I'm one of those "good-guy" cardholders who pays off every month. Currently I use a card that has no annual fee and returns rewards in coupons good for books at Borders. When I've put a couple thousand on the card for various big purchases, that adds up to some sweet book money.

If the card goes to annual fees and suspends the book thing, I will drop it and switch to my no frills credit union card.

I think the card companies can vet potential customers any way they like and if that means that unemployed teens and students are rejects - oh, well. I see a lot of college kids who graduate with ridiculous amounts of credit card debt on top of their loans.

05-21-2009, 01:59 PM
My math skills are lacking, so I have nothing to say about the credit issue.

On the other hand, I've been to Yellowstone and Grand Teton National Parks. People should be allowed to carry firearms, especially campers. There are too many bears and wolves to not do so. I was safely in a bus when I saw the bears-the brown bears are everywhere that isn't a visitor's center or main attraction and they are not afraid of people.

So I support the right of people to defend themselves, but hunting in and of itself shouldn't be allowed in national parks, because part of their purpose is to preserve nature.