Obama Signs Credit Card Bill, Says Consumers and Lenders Need to Act More Responsibly

Way to go President Obama
Can’t wait to read all the wrongheaded remarks from the NO-P (Party of No)

THe Oh NO! Party strikes again. I’ll take the GOP (as sorry as that sounds) to the DNC anyday. I’m going to miss my rewards rebates.

I agree with mesquito. A reprimand from a President and Congress that do anything but live within their means and or budget? This Bill does not curtail interest rates. The Credit Card Companies can increase interest rates to 50% or even 75% if they want. The real issue and has been the real issue for the past two decades. The American spendable income is lowered. Wages have not only not kept up with Inflation, the wages have decreased on average. Prices are inflationary and the insurances we are forced to pay are covering less and less making us responsible for out of pocket expenses and deductibles. 1. We are paid less. 2. Insurances charge more and deliver less. 3. Financial, Insurance, and Retail corporations have no limit or caps on obscene profit. We have a crisis and next thing you know we are deeper in debt. This is wrong all wrong. We must fire every one in Washington. Every One! Vote for the candidate with the least amount of money spent on a marketed campaign. Vote for a candidate on issues and not charisma. Look at what you get when you do? It started with Reagan and has gotten progressively worse since.

I love it – mesquito and Omentum can only find fault in a law that is clearly in their own personal favor. Let’s completely deny the fact that this is law not only long overdue, but long over LOOKED by the Right Wing. It must be shotdown simply for being a good idea from a Democrat!
You two are TRULY Republican!

The only thing I’ll be worried about frankly is to walk into a National Park–I mean what if I run into Cheney on a hunting expedition.

Obama will not touch guns.
He is terrified of losing his popularity.
Once that is gone he is toast–and so is his money and power.

I hope Obama will continue with the self-righteous lectures.
I hope he keeps saying one thing/doing another.
The people Obama thinks are idiots (the American people) are waking up.
Look at California.
Obama is to arrogant to see the warning signs.

Allowing Guns into the national parks was a bad idea I think!!!
Unfortunately this will mean that we will all have to carry guns when we go for a hike!!! I mean listen everyone has a primordial fear of running into a psycho on the trail, this will make it likely that the psycho will also be well armed if you do run into him, so the burden of protection yourself and your family is squarely on your shoulders!!! That was not a good idea at all!!!!

How long before the kooks start killing the wild life in the National Parks. I love how this law was passed with a credit card law. How stupid our government has become. We should be outraged but it doesn’t matter what we think. Time for us to implement layoffs in washington,

So, Mr. President, when will there ever be a bill that is allowed to have the five day comment period you promised? This one didn’t, just like the ones that came before. Guess it was an “emergency” measure like that rushed stimulus package.
And I must couple my frustration with the president and his lecturing with even greater frustration at Congressional Republicans who inserted that ridiculous rider about the concealed weapons in national parks. It has nothing to do with credit card reform and it is a bad bad idea to boot. So why on earth did Tom Coburn propose this amendment, why did the Democratic leadership allow it to be passed, and why did the president sign the legislation with that silly amendment included?

As a person with 800+ credit score and who pays in full each and every month, this is just one more thing “the man” has done to lower my lifestyle. At this point I am going to stop using credit cards because I will not get stuck for the irresponsible financial behavior of the loosers he wrote this for.

I am deeply puzzled by apologists for credit card companies and business
practices as usual just because they have been meekly accepted for so long. As many have pointed out, we as consumers have a basic sense of fairness that has been violated for the past several decades by such practices as 1) contracts we cannot read without highly specialized legal degrees, 2) suddenly changing the terms of contracts, 3) sudden and significant increases in fees and interest rates when we have fallen on hard times, and 4) sudden and significant increases in fees and interest rates through no fault of our own.
If cc companies were reasonable, there would be an intelligent business person at the other end of the phone line would come to reasonable terms with us when we are in financial trouble. Instead we get polite or impolite idiots trained to read scripts that either defer or ignore us. We are simply referred back to the terms of the contract, and there is often no central responsible person who can modify or make exception to these terms.
While we cannot make a single mistake, cc companies can be as capricious as they like–and what can we do about it? We could take our business elsewhere. Really? What about the unreasonable fees to close or transfer our accounts to another card? How different are other cards out there for people who are already in financial difficulty? Unless you have excellent credit, you will get just as usurious a deal elsewhere.
While it may be reasonable to penalized for our individual financial transgressions–it is absurdly unreasonable to be continuously punished for just a few mistakes. Human behavior is inherently flawed–even the most responsible of us occasionally misses one payment in 5 years.
Why would you set up a system so unforgiving unless you are intending to prey upon this natural human tendency with malicious intention. This is not how reasonable people treat one another

I have to agree- this is crazy. My CC company sent me a notice that as of 4/10 my interest rate will go from 0.079% to a variable rate of .149% over prime rate. I have never been late on a payment and it is highly unusual to carry a balance for more than three months, and I have always paid the interest plus a chunk on the outstanding balance. In other words, the CC company has done pretty well with me as a client. So why am I being punished for those who can’t control their impulse buying?
As far as guns in the Nat’l Parks, it should not have been wrapped around a bill regarding credit cards; it’s too important an issue on its own. AND IT’S ABOUT TIME! Those who worry that now psychos will have guns in the parks should know that they ALREADY HAD THEM! As far as worrying about the wild life being shot up, poachers, etc. those things are already happening, and most often the game is taken for food. Believe it or not, some people still live in the mountains and depend on game to live. And, whether you accept the facts of life or not, thinning out herds (or other types of game) in an area is healthy for the herd when natural preditors have been eliminated in one way or another. It’s why state parks allow hunting during specific times of the year. If you don’t believe this, ask your local conservation officer.
Allowing law abiding citizens to carry firearms for their safety and protection make all the sense in the world. Guns keep the potential preditor(and I don’t mean bears and mountain lions) honest. As a gun owner with a carry permit, I am safer and you, by extension, are safer as well; you as a park visitor are in less danger than if I were unarmed because that “pscho” never knows if he will eat the business end of a .45 if he tries to attack someone. If you don’t think there was a rationale for allowing firearms in the Nat’l Parks, look up some of the crime statistics (robbery, rape, aggravated assault, assault with a deadly weapon and the list goes on). It’s the same story as in the cities, suburbs and rural areas- the police can’t be everywhere and neither can the Park Rangers.

any one seen polosi ? cant believe she isnt spewing republican hate any more she must be hiding in the top secret bunker oops used to be top secret bunker under bidens residence , i mis her coming out and saying im outraged

This bill is a joke. It contains little that actually benefits consumers. Making the terms readable is like putting warning labels on cigarette packages. The addicted do not care what the small print says. If these clowns wanted real reform they could bring back some sensible usury laws. That would help people. This bill does nothing but blow smoke.

Without a cap on interest rates, this bill is “just words” and another photo op for our president.

wa said: ” I mean listen everyone has a primordial fear of running into a psycho on the trail, this will make it likely that the psycho will also be well armed if you do run into him, so the burden of protection yourself and your family is squarely on your shoulders!!! That was not a good idea at all!!!!”
wa, the ‘psycho’ will not have a concealed carry permit anyway, he will have some untraceable gun he bought off the street (or a knife, or a machete, or some other weapon). This law will not change THEIR behavior, except to possibly act as a deterrent. This law allows responsible gun owners to be able to defend themselves from the ‘psycho’. And the burden of protecting yourself and your loved ones is ALWAYS on you, you should NOT count on the authorities to be there at the exact moment when a bad situation arises. Please, educate yourself…..

Ben writes: “I am deeply puzzled by apologists for credit card companies and business
practices as usual just because they have been meekly accepted for so long.”
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Ah….the victim mentality rules the day. We all have a constitutional right to a credit card with a low interest rate and help when we get in financial trouble????? If you can’t pay the bills…..don’t buy the frills on credit.
On a least three occasions over the last 5 – 10 years I have had a late payment fee added to one of my CC accounts. I call the company up to have the fee removed. They balk and I immediately tell them I want to close the account. The fee gets removed. Am I serious about closing it?? Right on skippy…….I can get another one in a heartbeat.
If you get sucked into the debt trap….please don’t blame the CC companies…….look in the mirror. Ever seen how much CC debt gets wiped out by bankruptcy and uncollected accounts? If you did you might understand why CC’s are high interest and fee driven ventures…..they are risky to any lender.

if you pay your balance in full each month, why are you even reading this…
directing payments to balances with higher rates does help people (i.e. senseless people taking out cash), for one thing…
not charging the default rate for one day late is a big help for the morons who depend on mail or cant figure out how to work a pc (or if “i didn’t get my statement” – look online tard, you know you have a payment due)…60 days b4 the default rate applies is wonderful, actually.
i thinks its hilarious it doesn’t cap interest rates…how about don’t borrow money if you cant pay it back in a timely manner…or how about don’t borrow it if you have a crappy rate?
as a supervisor at major cc issuer, i can see that this will help millions, but it wont help people who don’t carry a balance (DUH) or that use their cards incredibly irresponsibly…such as those who take a 1000.00 cash advance then call and bitch about the interest – you knew what you were doing, but you did it anyway
so, regardless of how good/bad/etc you may think it is…it’s still 100% more helpful than ANYTHING BUSH DID for the consumer…that ownership society thing didnt work out so well…

yeah, I want to hear from a CC “Supervisor”, as if your opinion matters. The attitude you present is amazing considering you wouldn’t have a job if people did what you suggested, and left their loved ones to die from lack of medical treatment, lost their business because an emergency happened, paid for their children’s tuition, or paid to bury someone who died unexpectedly.
How dare these people complain about the credit card rate, is that what you are saying?

I would love to hear Joe Biden’s opinion on this bill being passed..
The former Senator from Delaware, The Usury State.

Doesn’t go far enough!

Thats rich! You telling us to spend responsibly?!
Pot, meet Kettle.

I will provide some basic pieces of knowledge. When you put something, on a credit card, the bank that backs your credit card pays the merchant and you are getting a loan from the bank and must pay back according to the terms of agreement of the card. A credit card’s terms is the contract you agree too when you apply for the bank’s card; it is really a simple truth, read the terms and yes even the small print, if you agree sign away if not don’t apply. If you do apply, do not cry later when the terms of the contract are enforced.
To the person that wants to roll back the debt, why not return everything you ever bought on a credit card in mint condition and get a refund to your card. You bought the stuff, used the stuff, and now must pay for the stuff.