New Law Affecting Credit Card Interest Rates

The Senate has passed its own version of the new credit card bill and everyone expects that the House and Senate reconciliation will become law within a few weeks. The law goes farther than the new regulations passed by the Fed for mid-2010, and will take effect sooner.

Listed here are the most important benefits:

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Obama Administration Helping Consumers with Debt Legislation

The Obama administration has promised debt help for consumers in at least two important areas:

1. Mortgage debt

2. Credit card debt

They have moved forward in both areas in the last couple of weeks.

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Debt Help Commercials on Television, but Beware!

When you turn on your television nowadays, you are bombarded with ads promising to help you with your debt.  I took particular note one day of a company that offers to help consumers with their credit card debt.

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Bank Mortgage Regulation Debate May Help Consumers at the End

The Wall Street Journal sees it as a “States Rights” case that will come before the Supreme Court on April 28, 2009.  But it has an unusual twist.  Normally states bring up the States Rights argument against the federal government when the fed wants them to do things (like civil rights, clean air and water) that they do not want to do.

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Posted under debt consolidation, fix bad credit, fix bad debt, mortgage debt