The legislation -- HR 5244 -- would, among other things, end card issuers' self-proclaimed right to change interest rates at any time. Instead, a 45-day notice would be required for any increase. Tt also would give cardholders more time to pay by requiring issuers to mail bills at least 25 days before the due date, as opposed to the current 14 days.
In addition, except for limited circumstances, creditors would not be able to increase interest rates to existing balances on credit cards.
Unless I am missing something, this is an excellent amendment and should be enacted.
Nine members of the US House of Representatives elected to Not Vote on this amendment. Three of those nine were Democrats from Tennessee, Cooper, Gordon, and Lincoln Davis. There are only five Democratic Tennesseans elected to the US House of Representatives. Why did the majority of them decide to sit this one out? All three are running for re-election this year, as are the two (Tanner and Cohen) that voted to approve the amendment. Luckily their votes did not matter. I would have been nice to have them on record.
Submitted by lovable liberal on Wed, 10/01/2008 - 22:49.
The rights that credit card companies claim for themselves have always bothered me. It's pretty much: Here's a good deal that we can change any time we want.
The rights that credit card companies claim for themselves have always bothered me. It's pretty much: Here's a good deal that we can change any time we want.
Liberty and justice for all.
My home
Yeah, imagine that? A Democrat NOT voting. WOW-tell me something new.