“When the Federal Reserve asked for comments on its proposed rules on abusive credit card practices, an astonishing 56,000 poured in”

56,000!!?!@?!

That’s larger than the entire population of Canada!

Will the government listen?  Yes… Maybe…. Not really…. only a little….

With the Democrats in power, we’ve basically seen some sidestepping, but they’ve put out a Credit Card Bill of Rights that will attempt to allow consumers to :

  • Pay off higher interest rates first
  • Raising interest rates on balances incurred under lower rates
  • Eliminate the practice of Universal Default (i.e. raising interest rates after a late payment on an unrelated bill)

Not a bad start I guess, but what is the most amusing are the credit card companies that argue that most cardholders are happy and that the complaints are just “anecdotal.”

Well… If 56,000 people are wrong and companies refuse to acknowledge it then, we’ve got alot of work to do!

What are your thoughts on this?  I know it’s a bit of both consumer idiocy and unfair practices, but what are you readers opinions on the subject?

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