sulong
12-19-2008, 05:50 AM
http://www.usatoday.com/money/perfi/credit/2008-12-17-credit-cards-new-rule_N.htm
The rules, approved Thursday by the Office of Thrift Supervision, the Federal Reserve and the National Credit Union Administration, come at a time when the economy has plunged into recession, and loan delinquencies and charge-offs are swelling as borrowers struggle to pay their bills.
Ohh good. Maybe strapped borrowers and those that are losing their jobs will get some relief.
The rules, which take effect in July 2010, will let credit card companies raise interest rates only on new credit cards and future purchases or advances, rather than on current balances.
What? wait a minute. July of 2010 minus December of 2008 is um, 15,16,17,18. 18 months away?
Lets see, investment banks need money RIGHT NOW, the tiny three have to have their bailout RIGHT NOW, but mom and pop can wait 18 months for relief.
Oh my, nothing like being the red headed step child in the country.
The rules, approved Thursday by the Office of Thrift Supervision, the Federal Reserve and the National Credit Union Administration, come at a time when the economy has plunged into recession, and loan delinquencies and charge-offs are swelling as borrowers struggle to pay their bills.
Ohh good. Maybe strapped borrowers and those that are losing their jobs will get some relief.
The rules, which take effect in July 2010, will let credit card companies raise interest rates only on new credit cards and future purchases or advances, rather than on current balances.
What? wait a minute. July of 2010 minus December of 2008 is um, 15,16,17,18. 18 months away?
Lets see, investment banks need money RIGHT NOW, the tiny three have to have their bailout RIGHT NOW, but mom and pop can wait 18 months for relief.
Oh my, nothing like being the red headed step child in the country.