Feds adopt rules to crack down on some credit card abuses

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	Feds adopt rules to crack down on some credit card abuses

burndata0

12-18-2008 3:32 PM

257 views

tags:

credit, subprime

burndata0 says:

Tighter credit restrictions to eliminate subprime credit cards and the credit card companies can't change the interest rate on money you have already charged. I can't believe it took this long to bring this into action.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/73cb9827-8e83-42cf-8033-997a1a049ab7/3876CEC5-ABA8-42EC-A3AA-C6E8AEC65906/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.usatoday.com/money/perfi/credit/2008-12-17-credit-cards-new-rule_N.htm" href="http://www.usatoday.com/money/perfi/credit/2008-12-17-credit-cards-new-rule_N.htm" style="font-size: 11px;">www.usatoday.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.usatoday.com/money/perfi/credit/2008-12-17-credit-cards-new-rule_N.htm"><SPAN class="inside-head">Feds adopt rules to crack down on some credit card abuses</SPAN></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.usatoday.com/money/perfi/credit/2008-12-17-credit-cards-new-rule_N.htm"><div align="center"><img src="http://content7.clipmarks.com/blog_cache/www.usatoday.com/img/43A338D7-EA45-49E3-8C48-35C29772BAC6" alt="Signs for American Express, MasterCard and Visa credit cards are shown on a New York store's door. " /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.usatoday.com/money/perfi/credit/2008-12-17-credit-cards-new-rule_N.htm"><DIV class="inside-copy">In the most sweeping changes to credit cards in decades, federal regulators on Thursday approved new rules to crack down on so-called unfair and deceptive practices by card issuers, such as raising interest rates on existing debt.</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.usatoday.com/money/perfi/credit/2008-12-17-credit-cards-new-rule_N.htm"><P class="inside-copy">The rules, issued by the Office of Thrift Supervision and expected to be approved later Thursday by the Federal Reserve and the National Credit Union Administration, come at a time when the economy has plunged into recession, and loan delinquencies and charge-offs are swelling as borrowers struggle to pay their bills.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.usatoday.com/money/perfi/credit/2008-12-17-credit-cards-new-rule_N.htm"><P class="inside-copy">The rules, which take effect in July 2010, will let credit card companies raise interest rates only on new credit cards and future purchases or advances, rather than on current balances.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.usatoday.com/money/perfi/credit/2008-12-17-credit-cards-new-rule_N.htm"><P class="inside-copy">They also restrict such lender practices as allocating all payments to balances with lower interest rates when a borrower has balances with different rates.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/3876CEC5-ABA8-42EC-A3AA-C6E8AEC65906/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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