Tuesday, May 19, 2009

Credit Card bill passes US Senate today...

I'm not sure if this is the type of bill what folks expected. The bill is supposed to put a clamp down on credit card companies hiking the rates arbitrarily. I think this is little more than window dressing as I think more could have been done. But, more can always be done.

Aside from the photo op, what does this mean for the average US consumer? Very little. People still have to pay their debt.

While rates may be frozen, of sorts, during this crisis and beyond, obtaining a credit card when you have no job seems as the larger issue. Also, and not to sound like a socialist, debt forgiveness and leniency as well as working out a credit rate deal with sponsoring companies, would have worked better.

Perhaps what I was thinking was too far fetched. It is a start and maybe folks can breath a sigh of relief.
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