There must be something to this transparency thing, ’cause I almost understand – I think I recognize fairer practices – The Credit Card Holders Bill of Rights – the credit card rules and regulations changes on the Senate floor as we speak.  These changes, if implemented and controlled, may help to balance the economic imbalances that exist now.  Gee, I am surprised = they are not  getting as much attention in the media as I would have imagined.

These changes are mighty and not happening soon enough.  With the changes comes regulations to be sure that Congress oversees CC companies and banks to be sure that they implement the changes.  Well, if they follow-through, that will be “a first!”

The House passed a bill in April and Republicans are finally realizing that it would be a refreshing change to bring good news home to constituents.  So, this week the Senate is expected to pass a bill that will take effect in nine months.  That brings us to February 2010  instead of the previous previously announced Credit Card Bill of Rights date, July 2010. 

A biggie change is that CC companies cannot increase rates on past buys unless payments are 60 days late and if after an unexpected increase of interest rates, a bill is paid on time for 6 months, the bank is required to review and the interest rate will go back to the older, lower rate.   Another goodie – Information must be given by lender to card holder as to how long it will take and how much interest will be paid to fulfill the credit card debt.  These are nifty improvements = and . if implemented, that will be another “first.”

The following few changes are offered because I think I understand them…there are more that didn’t come clear to me…

…Bill must be mailed to borrower 21 days before balance is due..
…No fees for phone or online payments…
…CC companies and banks will require that people requesting credit cards that are under 21 submit proof of how they will repay OR a parent or guardian assumes responsibility for the debt if it is not paid by the borrower…
…Lenders are required to give 45 days notice of rate increases..
…Card holder must be contacted and elect to go over the limit or an over limit fee cannot be changed…

…gonna’ buy some Windex and decipher the rest of the Senate discussion of the Credit Card  Holders Bill of Rights….if you’re not a pay-it-off-every-month CC user, I suggest you check it out too.

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