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Credit Card reform Act 2006 vs. Universal Default Clause

Date: Fri, 08/11/2006 - 03:40
Submitted by stanley on Fri, 08/11/2006 - 03:40
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S. 2655: Credit Card Reform Act of 2006

Sen. Robert Menéndez had proposed a bill to amend Truth in Lending Act on April 26, 2006. This is an effort to stop universal default, to put a limit on the fees imposed by credit card companies and to make it compulsory for credit card companies to verify consumers' creditworthiness prior to do business with them.

http://www.govtrack.us/congress/bill.xpd?tab=main&bill=s109-2655

This bill is under consideration in the Senate and the House needs to pass a similar law to give it a legal shape. You can write to your representative to support the bill so that everyone gets rid of the abuses of credit card companies.

Contact your senator-
http://www.senate.gov/general/contact_information/senators_cfm.cfm

Contact your representative-
http://www.house.gov/writerep/


This is absolutely necessary, especially concerning American Express. I can't think of a credit card company who encourages overspending and reckless credit use than them. People hired simply to activate the accounts are also required to meet certain sales quotas for additional cards, balance transfers, and other things that encourage reckless credit card use, and whenever I did a balance transfer for somebody, I was appalled at the size of the balances they carried! It would be overwhelming to me! I always said that I expected a major debt crisis for American Express in the future. They do indeed need to encourage responsibility. You see these television ads for liquor with a disclaimer saying "Drink responsibly". Credit cards should come with a similar disclaimer on spending!


Submitted by Jedi Mistress Ari on Sat, 09/09/2006 - 17:24

Jedi Mistress Ari

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