Wednesday, May 20, 2009

Looking Out For Someone's Best Interest

Cathy McMorris Rodgers voted against the Credit Cardholders' Bill of Rights Act of 2009.

The sad part of the bill was the totally unrelated amendment allowing people to carry loaded weapons in national parks. That could be a reason to vote against it, but our congresswoman's record doesn't support that reason.

Speaking of interest, has your credit card company made any changes lately?


Spokane Al said...

I did place a call to Congressperson McMorris's office and was told that while she is most definitely against any kind of predatory lending, there were several parts of the combined bill that troubled her. I have been promised a more detailed response.

P.S. She has always responded in the past and suspect she will this time as well.

Hank Greer said...

I wish I could share that same experience. Her office has always gotten back with me but usually weeks later and they always ask me what the subject of the communication was.

Anonymous said...

IMO, the law was too far reaching. It should have done two things.

1. Match state usury laws capping apr at 18% max.

2. Prohibit increasing apr on existing balances. (the new law doesn't do this. if you are late in paying by 60 days, the cc company can increase apr on existing balance.)

All of the rules about late fees, or increasing future apr based on payment history is a mistake. Those are consequences of not following the contract. IMO, the law is bloated. Much more could have been done with much less.