people still dont get it. the problem with our economic crisis is people do not live within their means. remember the day when you had to actually save up and buy something? this new deal with the credit cards only encourages more americans to spend more money they do not have…just what the government is doing. it is a joke, and the banking cartel is laughing at us.

My understanding of the bill is that card companies will still be able to charge you a late fee when you don’t pay your bill on time and if it goes two months in a row, they are still going to be entitled to raise your rates and lower your credit limit. When you combine this with the fact that they will no doubt go to charging you for just having the card, in the end, the average person will not save much of anything.

The bill is designed to prevent card companies from UNFAIRLY raising someones rate or lowering their credit allotment for arbitrary reasons such as your credit agency score etc. I defaulted on one card (out of ten) but within three months, every card I had took a giant leap in the interest rate…and just about every one of them lowered my available credit….and this was all based on my credit report from the three primary credit reporting agencies. It is this unfair action that the bill is designed to stop. From now on, if you default on one card, the other cards you hold will no longer be able to raise your rate or lower your available credit. At least, that is my understanding of it.