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U.S. Congress passes credit card bill

The Associated Press

Latest comment posted at 5:33 PM EST 20/05/09

New law will contain restrictions protecting debt-ridden consumers, make it more difficult for those under 21 to get a card ...Read the full article

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  1. J.C. Davies from Canada writes:
    The next effect of these changes will be to restrict the amount of credit available to consumers. Perhaps smarter minds than mine can explain how this will stimulate consumer spending during the recession.
  2. J Stokes from St. Catharines, Canada writes: As banks scramble to make up for the lost revenue, cardholders who pay off their balance in full each month could see annual fees become the norm and lucrative rewards programs cancelled.

    Great, now all of have to pay, even those who know how to pay their bills.
  3. gerard papazian from dallas, United States Outlying writes: it is about regulating terrible banking behaviour . It is about time .
  4. Don Portz from Trochu AB, Canada writes: It is a really sad situation that Govt has to step in with regulations to protect so many consumers from their stupidity. Is it time to require that all consumers take self management courses. (OPPS that would be another regulation)???
  5. Just call me Nemo from Montreal, Canada writes: So instead of an over-the-limit fee, you'll just get cut off from farther credit. OOOps, not what we intended.

    Expect credit limits to be slowly ratcheted down

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