Consumers Seek To Accelerate Timetable for An End To Predatory Credit Card Lending
Many consumers who were once excited about the “The Credit Card Accountability, Responsibility and Disclosure Act,” which was signed into law in May, are now feeling the pinch as companies use existing loopholes to circumvent the purpose of the new law. Many existing credit card accounts are, unfortunately, not covered by the new law’s protections. Furthermore, consumer advocacy groups feel that the legislation, as it is currently written, gives the credit card companies to much time — as long as 15 months in some cases— to amend the predatory practices that have been used for y ears.
A House bill introduced by Representative Carolyn Maloney, a Democrat of New York, and Representative Barney Frank, a Democrat of Massachusetts, would move up the deadline for full implementation to as early as December 1, 2009.
