CallMeASeeker: May 06, 2008
Obama's proposed Credit Bill of Rights targeting predatory credit card practices and billing fraud is on the same page as proposals made by the Fed Chairman in 2008 . " Since the Fed Cut last week, Uncle Ben has been giving Congress and the Finance Industry something to think about, something positive - about credit cards. The target of his testimony to Congress was predatory business practices, lack of transparency on consumer policies and "stealth tactics" that credit card companies employ like "two-cycle billing" - where interest from amounts due in previous billing cycles are tagged on to the current billing cycle. This is not Uncle Ben's first attempt at bringing about positive changes to protect the economically challenged amongst us who form the credit card industry's 'target market' for new sales. Is there a showdown cooking between the Fed and the financial industry? Is Uncle Ben being-proactive to stop the next bubble?. Also crucially is the Fed itself in agreement on this direction? "If the Federal Reserve Board is not lobbied into paralysis, Bernanke's new credit-card rules could be in place by Jan. 1." (see full article at my blog, including links to news, profile of Ben Bernanke and his research into the Great Depression http://yourmoneyourworld.blogspot.com/2008/05/high-interest-in-credit-uncle-ben-puts.html_)
Obama's proposed Credit Bill of Rights is on the same lines as proposed by the Fed Chairman!. Support Barack Obama and send the lobbyists home!!
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