The house of representatives voted to pass the credit card holders bill of rights and the President will be signing that bill into law today. 

 

To further increase your protection from the credit card industry, politicians added a “special” piece of legislation.  I appreciate that the politicians are working hard to protect consumers.  This “special” piece of legislation completes the package!! 

 

The credit card holders bill of rights makes it legal for you to carry a gun in National Parks – you know, just in case a credit card executive tries to attack you while vacationing in Big Bend.

 

It is amazing to me (not surprising) that the politicians will slip a piece of totally non-related legislation (making it lawful to allow guns in National Parks) into a bill as important as credit card legislation. 

“Today is a victory for every American who holds a credit card,” said Rep. Carolyn Maloney, D-N.Y. “I regret that added to it was the unrelated and dangerous gun bill, and we should not have had to do credit card reform at the barrel of a gun.”   

All of the politicians must get their sound bites in on this legislation. 

With all due respect Representative Maloney this would have been a victory had this happened years ago or, at least, if Congress hadn’t given the credit industry a 9-month timeframe to comply. 

 

The credit card companies will have plenty of time to do three things to consumers – cut your credit limits, close your accounts, and raise your rates.

 

Thank you to all of the politicians who continue to work hard for the consumers. 

 

After I get a chance to go through the bill, I will write more about it.  For now, I am taking some time off for Memorial Day and will see you next Tuesday.  Have a great holiday weekend!

Tags: Bob Brooks, consumers, Credit Card Companies, Credit Card Industry, credit cardholder bill of rights, Debt, Deceptive Money, federal regulators, Fees, legislation, politicians, Prudent Money