Schumer calls on Fed to implement new credit card rules immediately-rather than wait 'til July, 2010

[flpoljunkie]

Just now on MSNBC with Andrea Mitchell. Does this have a chance in hell of happening?

[Beetwasher]

1. That's a Great Idea!

Go Chuck!

[ellacott]

2. I hope so

Schumer must realize that the credit card companies will probably go on a rate jacking spree to get as much money from us by July.

[AndyA]

5. I think most of them already have.

I know a lot of people got their rates hiked from 6.9-8.9% to 24.9-25.9% or more. I guess they could take the rates all the way up to the top of the allowable scale, whatever that is.

It seems this would only encourage delinquencies by people who are already stretched too thin.

They're working against us, and the economy by taking such actions. They need to be forced to work with us, obviously, and legislation is the only way to make that happen. Retroactive, as well.

[ellacott]

6. Yes, they have already been doing that

It's amazing that they've been allowed to get away with this.

They are definately working against us. Those increased interest rates just increases their profit margin while it's a further burden for us.

[lunatica]

3. Everyone on the planet who has a credit card wants it too

So I would say it does have a chance in hell.

[endarkenment]

4. Remember when there used to be usury laws?

"In 1980, due to inflation, Congress passed the Depository Institutions Deregulation and Monetary Control Act exempting federally chartered savings banks, installment plan sellers and chartered loan companies from state usury limits."
http://en.wikipedia.org/wiki/Usury

The 30 year march to the abyss has been one long sorry record of corruption at the highest level.