I’m a believer

“Obama has prominently lobbied for a bill calling for a credit card crackdown. It already has cleared the House and awaits action in the Senate.

“I’m calling on Congress … to pass a credit card reform bill that protects American consumers so that I can sign it into law by Memorial Day,” Obama said. “There is no time for delay. We need a durable and successful flow of credit in our economy, but we can’t tolerate profits that depend upon misleading working families. Those days are over.”

But there’s no certainty Congress will deliver by the end of the month.

The banking community is fighting back. Credit-card executives maintain that new restrictions could backfire on consumers, making it harder for banks to offer credit or put credit out of reach for many borrowers. They also contend that the sweeping rules already ordered by the Federal Reserve, beginning next year, address many of the consumer-protection concerns expressed by the president and members of Congress.

The bill’s boosters are tapping into public anger over corporate excesses and the conduct of companies receiving billions of dollars in taxpayer money.

The House measure, called the Credit Card Holders’ Bill of Rights, passed on a bipartisan vote of 357-70 following lobbying by the Obama administration. It would prohibit so-called double-cycle billing and retroactive rate hikes and would prevent companies from giving credit cards to anyone under 18.”

Even though, if passed- it wouldn’t go into effect for year, I’m totally on board with this. hat whole retroactive rate hike was a total shock to me, when one day… what should have been a close-to-be-paying-off card.. suddenly was higher then the merchandise purchased. I was so ignorant about credit… and had to find out through a series of trial and error, which,, naturally sucked. haha… Most people’s family usually coach them through the process, but since I’d been on my own for so long- I missed that little cliff note. Anyway… I thought it was interesting since I was just talking to my mom about that particular skeezy credit card yesterday and today saw this in the news. Thank you Obe-One-Obama.

In other news, things are great…. still trying to not let my boss stress me out, but in the grand scheme of things, I’ve got no real complaints.