Date:   5/28/2009 12:16:12 PM ( 15 y ago)
Hits:   1,276
URL:   https://www.curezone.org/forums/fm.asp?i=1427649

Credit reform victory!

You helped get the message for credit card reform from your house to the White House

Last week, President Obama signed the credit card reform bill into law, wrapping up a huge consumer victory two years in the making. And it’s all thanks to you -- your emails, your phone calls, your donations and the personal stories you shared with the press and lawmakers in Washington!

The Senate overwhelmingly passed the bill by a 90-5 margin (see how your Senators voted). The next day, the House passed a final version 357-70 (see how your Representative voted). And the President signed it in a Rose Garden ceremony last Friday.

What does the bill do? We have an interactive blog post here to answer your questions and explain in more detail the key protections below:

• Puts most reforms in place earlier, by February 2010 rather than the original July 2010 implementation date
• Prohibits interest rate hikes during the first year of your contract, and restricts rate hikes on purchases you already made
• Any payment you make above the minimum goes to balances with the highest interest first -- helping to more quickly pay down debt
• Gives you 45-day notice for rate increases on future purchases. If your rate increases, ensures that you have adequate time to pay off the balance at the old rate 
• Low teaser rates have to remain the same for six months
• Limits fees and penalty interest
• Gift cards can’t expire for the first five years
• Restricts aggressive marketing of credit to college students

Experts predict this law will transform the credit card industry, which has been largely unregulated since the late 1970s. Why did Congress do it now? Because of you!

You turned your frustration with your card bank into action for real reform and you did it with passion and intelligence. Thank you for everything you do!

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