Do I Dare Hope?
Do I dare hope that this time the Feds are actually moving to help the citizens of this nation with real action, instead of pandering, that will help most of us working peons from being abused to no end by the predatory credit card issuers?
The industry is already in full swing trying desperately to stop these new rules. They are using the usual tactics. Their most vocal threat is that this could choke off credit. LOL! Not even a new born baby would believe that one. If they don’t lend, especially now with the new rules, they don’t make money. So that argument is just a scare tactic.
The other threat is that of raising interest. They can do that. But that will only force even more credit card carrying members into a situation where they will move to a better offer, and the number of defaulting members will rise. None of which is good for the issuers who claim to be hurting.
I hope this time the Office of Thrift Supervision and Congress are not swayed by such ridiculous scare tactics.
On Thursday, the Office of Thrift Supervision, responsible for overseeing the nation’s savings and loans, endorsed a seven-point plan that would allow consumers more time to pay their monthly bill. It would also ban “double cycle billing,” a practice that computes finance charges based on previous billing cycles.
“Today’s proposal addresses practices that have raised concern about fairness and transparency,” the OTS said.
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