Will the current Administration do something about credit card debt and bad credit?

credit card debt
asked:


Since there are a lot of people with bad credit nowadays, do you think they will put pressure on credit card companies to help people with debt or bad credit?

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2 Responses to Will the current Administration do something about credit card debt and bad credit?

  1. dustoff
    August 20, 2009 at 9:20 am

    No. Nor should they.

  2. Sgt Big Red
    August 21, 2009 at 2:16 am

    They can if they pass the Credit Cardholders’ Bill of Rights Act of 2008 which was passed by the House and awaiting a vote in congress.
    This proposed act amends the Truth in Lending Act to prohibit a creditor from using certain adverse information, including information in a consumer report or any change in a consumer’s credit score, as the basis for increasing any annual percentage rate (APR) of interest on the consumer’s outstanding balance.
    Restricts the frequency of over-the-limit fees.

    This bill also prevents many other unfair practices as seen in the past months.

    You can see who and how they voted at the following web site

    Hope this helps answer your question

    NOTE: paying off the balance in full every month will not always improve ones score, just read what FICO has to say regarding this. If you pay it off in full and do not use the card then it is OK, but if you use the card every month, then you will still show a ballance owed. The creditor only reports the ballance owed at the date of the statement and that you paid on time, NOT that you paid in full. Check this out from the FICO link

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