0% Credit Card Offers May Soon Disappear

[formercia]

http://finance.yahoo.com/banking-budgeting/article/105883/0-Percent-Credit-Card-Offers-May-Soon-Disappear

0% Credit Card Offers May Soon Disappear
by Kelli B. Grant
Wednesday, October 1, 2008provided bySmartMoney.com

Believe it or not, the federal bailout is not the only thing on Congressional leaders' minds these days.

Over the past several months, lawmakers and the Federal Reserve have been moving toward new regulations targeting the credit card industry. Just last week, the U.S. House of Representatives overwhelmingly voted to pass the Credit Cardholders Bill of Rights, which was drafted to mirror regulations the Federal Reserve is planning to announce this fall.


The Fed rules, while binding for credit card issuers, are more easily undone than law -- hence the parallel proposals, explains Linda Sherry, a spokeswoman for Consumer Action, a consumer advocate. The Senate is not expected to review the bill until after any new Fed rules take effect January 1. It's extremely unlikely they could (or would) weaken the standing regulations, she says.

The regulations are tremendously good news for cardholders. Consumer advocates hail talk of eliminating predatory lending practices like retroactively applying interest rate hikes to balances, and implementing new requirements such as a 45-day notice before raising interest rates.

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[markbark]

1. Damn!

What am I gonna line the birdcage with now?

[formercia]

3. Trees all over the planet are celebrating.

Now the land fills will last a few more years.

[Smart Guy 4 Freedom]

2. Good may be now I can sort my mail more quickly...