Obama: Credit Card Bill of Rights by Memorial Day

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Replied by ColoNative on topic Re: Obama: Credit Card Bill of Rights by Memorial Day

People should be careful of what they wish for.

Probably what will happen is that before this law goes into effect the companies are going to jack APR's sky high and for new accounts they will start requesting proof of income and initial credit lines will be tiny.
10 years 3 months ago #1

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Replied by Brian23 on topic Re: Obama: Credit Card Bill of Rights by Memorial Day

Great article... This is exactly what I am afraid of with the government heavily regulating the credit card industry. If banks are forced to conform to a standard of credit card lending practice, those of us in the sub-prime market will have extreme difficulty in getting a credit card at all. And if you thought before that getting a CLI was tough, good luck when the credit card company doesn't even want to lend to you in the 1st place..... Thankfully though, this will take a while to go into effect, if anything is done at all.
10 years 3 months ago #2

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Replied by yellowd1 on topic Re: Obama: Credit Card Bill of Rights by Memorial Day

How many companies do you guys think are going to get out of the credit card biz?? I'm asking this because their are credit card companies that only deal w/ good& excellent credit consumers that are well..Sleezy.. they pull the same and sometimes worse tactics than some subprime lenders. I'm just saying- instead of those ridiculous up front fees..:white-flag:
10 years 3 months ago #3

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  • marylan73
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