Vote this Thursday on credit card rules

**fffresh** · Dec 14, 08, 2:08 pm

It is predicted that this Thursday the Federal Reserve will vote on credit card reforms. The statues would dictate such issues as universal default, grace periods, double-cycle billing.

I would strongly advocate setting the minimum payment period as 25 days from statement closing, and banning double cycle billing.

I do believe universal default should continued to be allowed under certain circumstances. If a customer suddenly defaulted on their other lines of credit, the creditor should have the right to raise the interest to reflect the increase risk. However the amount they can raise interest needs to be restricted to only a few points above the customer's current rate.

**Mogul of Pineapples** · Dec 14, 08, 10:49 pm

The ban on credit card two month billing definitely needs to be banned.

Grace periods need to be set at a minimum of 25 days. There also needs to be some sort of guideline that takes into account mailing time. After all, mailing a bill there and mailing it back could use up 10 to 12 days alone.

**magyar1045** · Dec 15, 08, 5:13 am

One of the sleaziest fees - "Express Payment" fees - almost $15 should be banned. This is a fee that is imposed if you make an online payment one day and want the payment processed and posted on that day - of course during normal business hours.

**AnthonyBarone** · Dec 15, 08, 10:28 am

I haven't heard of this express payment fee thing but they ought to stamp that one out too.

I say if they're open the payment that day counts. None of this ring around the rosey game of only counting them before noon or some slimely game like that.

**fffresh** · 4:18 pm

Unfortunately I read nothing of rush payment fees being addressed. This should be indirectly addressed by the grace periods being extended though, making a last minute payment much less likely.

**robert.loehmann** · Dec 17, 08, 9:27 pm

The congress already passed a similar credit card bill of rights in the past but the senate refused it. This latest measure by the Federal Reserve wouldn't take effect until 2010 or later. We need reform now not years down the road.

**Cucumber** · Dec 18, 08, 10:22 am

When do we know whether or not this happened today?

**bozell** · Dec 18, 08, 11:24 pm

everything passed today but its not taking effect until 2010. what do the they expect us to do in the mean time. reform now!

**indianamom** · Dec 19, 08, 1:52 pm

I was delighted to hear about this on the news last night.

They really ought to do something though before then like you guys say. Why is it that congress keep passing this Credit Card Bill of Rights but the Senate keeps passing on in. This is probably because those Senators like that Biden were in the pocket books of the banking cronies. The only real way out of all this corruption is to outlaw lobbying and fundraising all together but of course that will only happen when hell freezes over!

**Cucumber** · Dec 19, 08, 10:09 pm

Are there any plans for congress and senate to do anything sooner before 2010? In this economy the last thing we need is consumers getting ripped by scandalous creditors.

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Vote this Thursday on credit card rules