Credit Card Help from Congress

Wow!! Send up the fireworks, The Federal Reserve announced, "sweeping Credit Card Regulations" as they claim. The rules, which don't even take effect until July 2010 do absolutely to correct the abuses that the industry has fostered upon the American public for the past eight years. The rule changes amount to increasing the billing cycle to 25 days from the current 21 days before late fees can be charged, however they do not limit late fees, credit card companies currently charge up to $60 for a late fee, even if one day late. The law should limit late fees to a daily percentage based upon a reasonable rate such as 5% annually. The new rules state that the credit card company can not raise the rate on an existing balance, however do not restrict the company from charging a higher rate on a new purchase.

As usual the Government puts on the face of helping the working family and they really do nothing. What the Credit Card Companies have been doing is tantamount to loan sharking, violation of RICO, Usury, and unfair credit practices. What will the new "sweeping rules" do to return the money that the Credit Card Companies have robbed from the people over the last eight years? NOTHING.

The Fed rule changes are in response to over 60,000 written complaints according to the figures that they released in their press release. Yet, the action they take amounts to no action. What has Congress done to investigate this crisis in thievery? NOTHING. What will Congress do? NOTHING.