July, 2010? WTF!!?

http://biz.yahoo.com/ap/081218/credit_card_rules.html
AP
Regulators adopt new credit card rules
Thursday December 18, 9:23 am ET
By Marcy Gordon, AP Business Writer
Consumers to be spared from higher rates on existing balances under new rules for credit cards

WASHINGTON (AP) -- Federal regulators on Thursday adopted sweeping new rules for the credit card industry that will shield consumers from increases in interest rates on existing account balances among other changes.

The rules, which take effect in July 2010, will allow credit card companies to raise interest rates only on new credit cards and future purchases or advances, rather than on current balances.

--snip--

Thanks for the help. :sarcasm:

Why, oh why do we implement these fixes after the problem occurs? It may give some relief later, but it certainly won't help those who are already in debt.

I agree, wtf.

18 months in which to gouge the living f*ck out of their customers' current balances. Yah, THAT will positively stimulate the economy. :wtf:

I'm sure they're going to screw us good in the mean time to make up for what they will lose after the rules take effect.

If, within the next 18 months, your credit card company decides do jump to 29.00% on the entire balance, you're screwed until it's paid off. This isn't going to help ANYONE. Thanks as usual, worthless officials!

The paper for future profits from the interest on your credit card balance has already been sold to speculators.
You want them to lose money on their bet?

Vat, you crazy?

lest the markets do poorly Monday morning!

how many of us will be jobless, homeless and broke due to these elite criminals? thanks for nothing fuckers. WE NEED HEP NOW!

:argh:

They sold the paper for the profits on your credit card balance. Don't worry, the Fed will bail them out too.

The only way to shrivel the cc market is to shrivel it from disuse. Return to a cash based economy as much as practicable. Consumers need to punish banks for their usury.

When traveling, it's almost a necessity.

sweeping up the last of consumers cash....

:(

If people haven't figured out by now that the system is rigged, this ought to give them a clue.

And disgust me.

;)

;)

and did nothing with his own bill

More info here: http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4675112&mesg_id=4675112

Put on a show for the peons. Meanwhile, back at the ranch......

Carly

I just used the opt-out clause on one of mine. I certainly hope the remaining one doesn't follow suit. :eyes: