What the Federal Reserve's new credit card rules may mean for you

[tylerdee]

Source: CreditCards.com

The Federal Reserve Board will vote Dec. 18 on a sweeping set of credit card regulation reforms.
What will the proposed credit card industry rules mean for cardholders?

Read more: http://www.creditcards.com/credit-card-news/what-the-new-credit-card-rules-mean-1282.php

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This should have been done about....say....6 months ago.

[FSogol]

1. Good news. K&R.

[sandnsea]

2. Or, oh, ten years ago

when people first started complaining about some of this stuff.

[tylerdee]

3. Agree. :)

[cosmik debris]

4. "Bankers have said the rules will lead to higher interest rates..."

In other words, this is an excuse to jack up interest rates and blame someone else!

The real solution is a good usury law. Cap interest rates, don't juggle them.

[hvn_nbr_2]

14. In other news, bankers said sunrise in the east will lead to higher interest rates. nt

[RUMMYisFROSTED]

20. Prime+5

Or something close to that.

[napi21]

5. HOLY COW! What in the world made this happen?

I listened to the hearings where every one of the CC reps defended their discusting actions, and I's shocked to actually see the feds seem to be whipping them around a bit.

[kirby]

6. Gotta love this piece of the article...

The Federal Reserve Board of Governors is scheduled to vote on the final rules at 2:30 p.m. Eastern Dec. 18 at the Fed headquarters in Washington, D.C. Afterward, credit card issuers will have time to implement the changes, perhaps as long as a year.

[Number_Six]

7. And does this mean that....

...Citicorp will fucking stop CALLING ME DAY AND NIGHT???

I do NOT want a new card.
I do NOT want a card PERIOD.
What part of NO don't they comprende????????

[Froward69]

8. its a start...

even so if I charged 29.99% on any loan, I would be arrested in my state for loan sharking.

[Stellabella]

9. Good start, but...

There also needs to be a limit on the interest rate. 29% interest is usury. 10% would be more fair, and it still gives those thieves a very good rate of return in this economy.

[WriteDown]

11. Interest rates are one thing...

but there has to be strict caps on credit limits.

[420inTN]

10. Most of these look pretty good:

* Limited interest rates hikes
* Clearer due dates and times
* No double-cycle billing
* No more universal default
* Highest interest charges paid first
* Clearer credit terms
* More time to pay bills
* Limits on over-the-limit fees
* Sub-prime card fee limits

[pattmarty]

12. 6 months ago????? How's about 30 yrs ago?

[Zorra]

13. A whole lot of credit card debtors will be filing for bankruptcy in the near future,

resulting in yet another financial industry crisis.

Are the new Fed regulations an attempt to help stave off a tidal wave of bankruptcies?

[HopeHoops]

15. I want to see the fine print - I'm betting there's a "bend over, I'll drive" clause in there.

[Sex Pistol]

16. I urge everyone to join a credit union. Then you will not have to worry about what the Fed does.

You will not have to worry about them risking your money on risky mortgages either.

[FarCenter]

17. Up to a year to implement?

The Federal Reserve Board of Governors is scheduled to vote on the final rules at 2:30 p.m. Eastern Dec. 18 at the Fed headquarters in Washington, D.C. Afterward, credit card issuers will have time to implement the changes, perhaps as long as a year.

[high density]

18. Yes, the implementation of these changes will require engineering at the banks.

A year seems like a fair amount of time. These changes are going to affect not only the backend operations side of the bank, but the marketing departments as well.

[tylerdee]

19. makes sense when you put it that way.

[AwakeAtLast]

21. So glad I don't have any credit cards

I have some debt, but it's not with credit cards. They are like an ankle weight that gets progressively heavier. You don't realize you can't walk until it's too late.

[yurbud]

22. this shows how much Congress has capitulated to Wall St. THEY should have made up rules

not waited for the bankers' bank to self-regulate.

We need to make Wall St. our bitch.