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Monday, September 28, 2009

Congress may speed up effective date of credit card act

Its about time.  Wallet Pop is reporting that certain members of Congress have woken up and realized what I and many others have been reporting on for a while ... namely that the credit card companies are taking advantage of the gap in time from the passage of the credit card act to the date that such act becomes effective to up interest rates, lower credit limits and take other actions adverse to consumers while they can do it with impunity.

Now, according to Wallet Pop, some members of Congress may introduce a bill to accelerate the effective date of the credit card act from February 22, 2010 to the first of December 2009.  This would save consumers three months of additional hardship at the hands of the credit card companies.  If such a bill gets proposed (and assuming I know about it), I will keep you apprised so y'all can contact your congressman and urge his or her support for the bill.

Here's the link to the full article on Wallet Pop - http://www.walletpop.com/blog/2009/09/25/congress-may-accelerate-start-date-for-credit-card-act/.

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