Ok, in an interest of discussing some "real issues" in politics, has anyone read up on this?? What are your thougts on it?

House passes Credit Card Bill of Rights - UPI.com

I think there are some good points in it, but, is it really necessary?

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Doing the right thing isn't always the same as doing the easy thing.

I think that this long overdue. You have probably read about some of the reasons banks have used to hike interest rates. I don't think that buying something at WalMart, for instance, is a good reason to hike someone's interest rate from say 8% to 29%. It's also not fair to charge that higher rate on an existing balance.

By the way, it was a Supreme Court ruling in 1996 that allowed banks to charge the highest interest rates allowed in the state from which they operate. That's why almost all of them moved their credit card operations to South Dakota.

The way I look at it, banks are for people who are good credit risks. Anyone who's a good credit risk shouldn't have to pay 29%. If they get behind on payments, I think the bank has every right to hike the interest rate for any future charges made.

Honestly, I don't think any bank should charge more than 18%. (that's what finance companies are for)

Yes, it is necessary. This should help people make some progress in getting accounts paid down. I especially like the applying payments to the higher interest rate balances.

allinaugust, what are your objections to the bill?

I think it will limit the choices for people who need the most choices. Really limiting choices hurts us all.

I know when I get a credit card, I read the terms of the credit card. Just like getting a loan or a mortgage. You need to read the contract.

I don't think we need the government acting as our "Mommy" or "Daddy". People need to think for themselves.

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Doing the right thing isn't always the same as doing the easy thing.

How does it limit choices?

I have not followed this issue very closely.
But here are some links that are interesting.

Euro Pacific Capital

Also here is an example of an unintended consequence
Mish's Global Economic Trend Analysis: Credit Card Lending Goes Full Cycle

The individual who lives in poverty can no longer obtain a credit card at 30%?

I can remember when Visa and Master card charged an 18% rate; no fees either. Let's face it, if the borrower gets behind with an 18% rate, it's going to eat them alive even without the late and over the limit fees.