In a sweeping vote of 90 to 5, the Senate passed the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009, including the sole unrelated amendment to restore weapon carrying rights in National Paks.
The bill differs from the Credit Cardholders’ Bill of Rights Act of 2009, passed earlier by the House of Representatives. Now the Congress must work together to hammer out a compromise to be presented to the President to sign into law.
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The bill sounds like a good idea but may be fraught with unintended consequences for responsible credit card users:
http://www.nytimes.com/2009/05/19/business/19credit.html
A second NYT article makes it sound less dire:
http://www.nytimes.com/2009/05/20/your-money/20money.html
Wake up America, this regulation is reducing your opportunities to borrow money on your own terms. Congress has swung the pendulum too far the wrong way and all of us will experience the pain of this action. While the intent may have been good, too many of hte changes are terribly wrong and restrictive.
Up to now, we have all had the opportunity to use a credit card or not. Many of us will no longer have that option going forward. So thanks Congress, for screwing us all yet again.