Credit Cards

Senate Vote on H.R.627: Motion to Waive CBA Sanders Amdt. No. 1062; To establish a national consumer credit usury rate.

In a nutshell what was proposed was an interest rate cap on Credit Cards.

So while banks are free to get into mortgage backed derivatives, hedge funds and any other manner of unsavory business that would mar the credit of other businesses; they are still permitted to loan shark their customers for flippant reasons.

Thanks a lot Senator Hagan. This two-party electoral system should just be called "Dumb and Dumber."

Folks, I just left the House floor and couldn’t wait to report the good news that the Credit Cardholders’ Bill of Rights (HR 627) just passed in the House.

A special ‘thank you’ is particularly in order for Congresswoman Maloney of New York, who championed the legislation, and our own Representatives Brad Miller and Mel Watt who supported the measure through the Financial Services Committee.

The Credit Cardholders’ Bill of Rights will provide crucial protections against a number of unfair credit card practices, such as the arbitrary interest rate increases that have become all too common in these times of economic uncertainty.

Last week a representative from American Express called our controller to thank us for spending $1 million last year.

This week, for no good reason, they have limited us to $25,000.00.