Credit Cards: No relief for the abused.

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If you have been abused by your credit card companies, don't look to the government for redress of abuses. The legislation which has passed both houses of Congress and making its way to Pres. Obama for signing, offers nothing to those consumers who have already been raped by their credit card banks and companies. The bill offers prophylactic measures only, going forward. Nothing retroactive for the millions hit by usurious rates and fees.

The NY Times has a highlighted review of the major points in the legislation. There are many good measures in the bill to protect consumers going forward, but, nothing for those already ripped off and facing decades of high interest rates on current balances.

This legislation is a sham. While Congress and the President campaigned on relief for consumers, they apparently failed to mention the relief they intended would NOT be a rescue for millions of consumers already trapped and bitten by usurious rates and fees. Consumers hoping to get their extraordinarily high interest rates of 24 to 34%, reduced, will be disappointed. Those hoping for rebates on late fees unfairly assessed in the recent past, will also be disappointed.

There are no caps on interest rates, no definition or line drawn for what constitutes a fair market rate and Shylock usury rates. Folks desperate for medical care, or whose only vehicle to get to and from work just bit the dust and needs repairs on credit cards, will face whatever rates the credit card companies wish to charge for new purchases. This is not, I suspect, the kind of oversight and regulation that consumers were hoping for.

This probably comes as no surprise to independent voters convinced that the Democrats and Republicans feed from the same lobbyist and wealthy special interest trough, (e.g. credit card companies and banks). Until effective lobbyist and campaign finance reforms become a reality, such compromised legislation will remain the order of the day.

And as growing numbers of independent voters know, the only road to real effective reforms in Congress is the road that leads to massive removal of incumbents seeking reelection. Only when politicians acknowledge that the public will remove them for failing to act on their behalf, will the newly elected challengers begin saying no to the lobbyists and wealthy special interests.

Those wishing to address this issue while there is still time, can lodge their protest at Pres. Obama's web site, before he signs this bill, in the hopes of convincing Pres. Obama to veto this legislation and send Congress back to the drawing board to come up with relief for those already raped by the credit card companies.

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This page contains a single entry by David R. Remer published on May 20, 2009 2:33 PM.

Were Credit Card Co.'s Sabotaging Themselves? was the previous entry in this blog.

Want to be Heard? Join a Group. is the next entry in this blog.

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