There must be something to this transparency thing, 'cause I almost understand - I think I recognize fairer practices - The Credit Card Holders Bill of Rights - the credit card rules and regulations changes on the Senate floor as we speak. These changes, if implemented and controlled, may help to balance the economic imbalances that exist now. Gee, I am surprised = they are not getting as much attention in the media as I would have imagined.
These changes are mighty and not happening soon enough. With the changes comes regulations to be sure that Congress oversees CC companies and banks to be sure that they implement the changes. Well, if they follow-through, that will be "a first!"
The House passed a bill in April and Republicans are finally realizing that it would be a refreshing change to bring good news home to constituents. So, this week the Senate is expected to pass a bill that will take effect in nine months. That brings us to February 2010 instead of the previous previously announced Credit Card Bill of Rights date, July 2010.
A biggie change is that CC companies cannot increase rates on past buys unless payments are 60 days late and if after an unexpected increase of interest rates, a bill is paid on time for 6 months, the bank is required to review and the interest rate will go back to the older, lower rate. Another goodie - Information must be given by lender to card holder as to how long it will take and how much interest will be paid to fulfill the credit card debt. These are nifty improvements = and . if implemented, that will be another "first."
The following few changes are offered because I think I understand them...there are more that didn't come clear to me...
...Bill must be mailed to borrower 21 days before balance is due..
...No fees for phone or online payments...
...CC companies and banks will require that people requesting credit cards that are under 21 submit proof of how they will repay OR a parent or guardian assumes responsibility for the debt if it is not paid by the borrower...
...Lenders are required to give 45 days notice of rate increases..
...Card holder must be contacted and elect to go over the limit or an over limit fee cannot be changed...
...gonna' buy some Windex and decipher the rest of the Senate discussion of the Credit Card Holders Bill of Rights....if you're not a pay-it-off-every-month CC user, I suggest you check it out too.
Showing posts with label Credit Card Bill of Rights. Show all posts
Showing posts with label Credit Card Bill of Rights. Show all posts
Tuesday, May 12, 2009
Sunday, February 8, 2009
We Need the Credit Card Bill of Rights NOW
It's time to speak out - a #3 "optimism prevails, spread th word, mixing business and social relationships pays off" Universal Day encourages worldwide communication here... www.ellindodge.com ...
...we're learning that Obama was read the "why we need to stay" riot act by General Patreas when he was in Iraq, on Patreas turf ...we're finding out "what exactly" and "how much" was deducted from Obama's Stimulus Package...and, we are realizing that in two income families, the first to get axed is usually the larger-income breadwinner - the male. Budgets cannot balance on less than half of the anticipated income. Equal pay for equal work never seems to break through the slowly shattering, glass ceiling. So, with job losses soaring...we're talking more and recovering less.
One way to speed household recovery is hastening implementation of The Credit Card Bill of Rights. Now, credit card companies can raise interest rates without cause and without warning the consumer. They get away with double cycle billing and use 4 point typeface in complex, legalese explanations. They have the right to stress consumers - make us old before our time - waiting for the next Credit Card monthly statement that changes our financial commitment and puts budgeting in the dog house.
Even the consistency of seeing the pampered pups strut their stuff at the annual Westminster Kennel Show doesn't help the average person crack a secure, warm and fuzzy and life-goes-on-no-matter the-economy smile. We need credit card companies to be consistent and trustworthy...they demand that of us = the consumer.
Representative Carolyn Maloney, D/NY, is sponsoring a bill to change the July 2010 implement three month from now. The July 2010 date that credit card companies must follow the Credit Card Bill of Rights gives them time to raise rates and the charges for late payment prior to 2010. The bill says that rates freeze...stay the same after the bill goes into effect. So, if I have a 4.99% interest rate now and they spontaneously up the rate to 9.99% or 19.99% tomorrow, when the Bill of Rights comes into effect, my rate freezes at 9.99% or 19.99% - whatever my interest rate is in July 2010.
And there's more...The Credit Card Bill of Rights includes a change in payment allocation. Today, payments go to the lowest interest rate. The Bill states that payment go to the highest rate balances. There are strong changes that should improve credit card problems for us = the jerks that incurred the debts.Ifor one, do not intend to stay a jerk - paying off my credit cards indefinitely, if something can be done to speed the implementation of the Credit Card Bill of Rights. Carolyn Maloney gets e-mail and phone calls and needs to know she has public support. So, to save myself stress by taking action, instead of just communicating my displeasure at the way things stand and mouthing support for a speedy Credit Card rules change, I'm on it - writing and phoning, Representative Carolyn Maloney, D/NY at:
Washington Office
Congresswoman Maloney
2332 Rayburn HOBWashington, DC 20515-3214202.225.7944 phone202.225.4709 fax
Manhattan Office
Congresswoman Maloney
1651 3rd Avenue Suite 311New York, NY 10128-3679212-860-0606 phone212-860-0704 fax
Queens Office
Congresswoman Maloney
28-11 Astoria Blvd.Astoria, NY 11102-1933718-932-1804 phone718-932-1805 fax
This is a social invitation while doing "business" and has today's optimistic vibes in tow...Won't you join me?
...we're learning that Obama was read the "why we need to stay" riot act by General Patreas when he was in Iraq, on Patreas turf ...we're finding out "what exactly" and "how much" was deducted from Obama's Stimulus Package...and, we are realizing that in two income families, the first to get axed is usually the larger-income breadwinner - the male. Budgets cannot balance on less than half of the anticipated income. Equal pay for equal work never seems to break through the slowly shattering, glass ceiling. So, with job losses soaring...we're talking more and recovering less.
One way to speed household recovery is hastening implementation of The Credit Card Bill of Rights. Now, credit card companies can raise interest rates without cause and without warning the consumer. They get away with double cycle billing and use 4 point typeface in complex, legalese explanations. They have the right to stress consumers - make us old before our time - waiting for the next Credit Card monthly statement that changes our financial commitment and puts budgeting in the dog house.
Even the consistency of seeing the pampered pups strut their stuff at the annual Westminster Kennel Show doesn't help the average person crack a secure, warm and fuzzy and life-goes-on-no-matter the-economy smile. We need credit card companies to be consistent and trustworthy...they demand that of us = the consumer.
Representative Carolyn Maloney, D/NY, is sponsoring a bill to change the July 2010 implement three month from now. The July 2010 date that credit card companies must follow the Credit Card Bill of Rights gives them time to raise rates and the charges for late payment prior to 2010. The bill says that rates freeze...stay the same after the bill goes into effect. So, if I have a 4.99% interest rate now and they spontaneously up the rate to 9.99% or 19.99% tomorrow, when the Bill of Rights comes into effect, my rate freezes at 9.99% or 19.99% - whatever my interest rate is in July 2010.
And there's more...The Credit Card Bill of Rights includes a change in payment allocation. Today, payments go to the lowest interest rate. The Bill states that payment go to the highest rate balances. There are strong changes that should improve credit card problems for us = the jerks that incurred the debts.Ifor one, do not intend to stay a jerk - paying off my credit cards indefinitely, if something can be done to speed the implementation of the Credit Card Bill of Rights. Carolyn Maloney gets e-mail and phone calls and needs to know she has public support. So, to save myself stress by taking action, instead of just communicating my displeasure at the way things stand and mouthing support for a speedy Credit Card rules change, I'm on it - writing and phoning, Representative Carolyn Maloney, D/NY at:
Washington Office
Congresswoman Maloney
2332 Rayburn HOBWashington, DC 20515-3214202.225.7944 phone202.225.4709 fax
Manhattan Office
Congresswoman Maloney
1651 3rd Avenue Suite 311New York, NY 10128-3679212-860-0606 phone212-860-0704 fax
Queens Office
Congresswoman Maloney
28-11 Astoria Blvd.Astoria, NY 11102-1933718-932-1804 phone718-932-1805 fax
This is a social invitation while doing "business" and has today's optimistic vibes in tow...Won't you join me?
Thursday, January 22, 2009
This Numerologists #6 "think about home, relationships and family concerns" Personal Day. It's a joy to see that the Credit Card Bill of Rights is being re-introduced in the House and Senate. It will be Obama-rama magic If the bill passes the House and Senate now. And, if it is signed by the president - passed - banks must comply now. Personal relief goes into effect in ninety days. Now is key.
Instead of waiting till the Spring of 2010, banks will have to stop increasing credit card interest rates at will and being selfishly selective as to where they apply monthly payments. Banks are changing credit limits without notiication and putting payments to the lowest interest debt leaving the high interest debt almost the same on each month's statement. And, with this positive practical action to control bankers greed sending out "Yes WE Can" vibes, try negotiating with your credit card debtors...
...if credit cards are with the same bank, you may be able to bundle your accounts. Another key word for now..."bundle."
And, if you're thinking of taking your financial life in your own hands...take a course in "negotiation." You can re-negotiate your lease (if you're a renter). You can approach cable companies, cell phone networks and if you owe more than your house is worth now, talk to your mortgage holder to renegotiate interest rates. They may not want to lower the debt - however, they do want to collect their money eventually.
Companies do not want to lose customers. With negotiation and a diplomatic approach, the rash of good "advice on personal finance" books available now may give you insights and tools that ease financial concern and add to personal freedom.
We'd have the freedom - that's time and energy - to look outside of the problems within our own personal enclosure if we took action to help ourselves now. We need to know that the rules and rates change every day. It's not enough to make one phone call to stay on top of the pile; "the squeaky wheel gets the oil." Phone to maintain a presence while waiting for a "yes or no."
If you want to make the most of your household budget, list possible commitments that you can approach to negotiate to bundle credit cards, lower interest rates and decrease household expenses now.
This Numerologist's take: We'd be able to get involved in Barack Obama-Colin Powell's call to us to make a commitment to community service..now. If we see legislators implementing practical solutions to our home, neighborhood and family concerns now, we'd be less stressed and able to connect to community problems - contribute as a cohesive neighborhood tomorrow -feel freed of depression and help others now.
Instead of waiting till the Spring of 2010, banks will have to stop increasing credit card interest rates at will and being selfishly selective as to where they apply monthly payments. Banks are changing credit limits without notiication and putting payments to the lowest interest debt leaving the high interest debt almost the same on each month's statement. And, with this positive practical action to control bankers greed sending out "Yes WE Can" vibes, try negotiating with your credit card debtors...
...if credit cards are with the same bank, you may be able to bundle your accounts. Another key word for now..."bundle."
And, if you're thinking of taking your financial life in your own hands...take a course in "negotiation." You can re-negotiate your lease (if you're a renter). You can approach cable companies, cell phone networks and if you owe more than your house is worth now, talk to your mortgage holder to renegotiate interest rates. They may not want to lower the debt - however, they do want to collect their money eventually.
Companies do not want to lose customers. With negotiation and a diplomatic approach, the rash of good "advice on personal finance" books available now may give you insights and tools that ease financial concern and add to personal freedom.
We'd have the freedom - that's time and energy - to look outside of the problems within our own personal enclosure if we took action to help ourselves now. We need to know that the rules and rates change every day. It's not enough to make one phone call to stay on top of the pile; "the squeaky wheel gets the oil." Phone to maintain a presence while waiting for a "yes or no."
If you want to make the most of your household budget, list possible commitments that you can approach to negotiate to bundle credit cards, lower interest rates and decrease household expenses now.
This Numerologist's take: We'd be able to get involved in Barack Obama-Colin Powell's call to us to make a commitment to community service..now. If we see legislators implementing practical solutions to our home, neighborhood and family concerns now, we'd be less stressed and able to connect to community problems - contribute as a cohesive neighborhood tomorrow -feel freed of depression and help others now.
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