Credit card “bill of rights” puts few restraints on banks | WHAT REALLY HAPPENED

Credit card “bill of rights” puts few restraints on banks

Last week the US Congress passed and President Obama signed into law the so-called Credit Card Holders’ Bill of Rights, legislation that has been touted by both the Congress and the Obama administration as a major reform of unfair practices by credit card issuers.

This legislation has been pushed through Congress amid growing outrage by middle class card holders over the increasingly arbitrary and usurious methods being used by credit card issuers to extract ever more money from a shrinking pool of card holders who are, at the same time, being battered by the economic crisis. The banks, which have suffered severe losses in other areas, such as the collapse of the mortgage bubble, have turned to their credit card business as a potential source of increased revenue.

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA