If the laws are changing for credit cards and helping the consumer – which we highly doubt – then what could happen to the collection agencies over time?

At a glance: Proposed credit card law

http://finance.yahoo.com/banking-budgeting/article/107102/What-the-New-Credit-Card-Law-Means-for-You

 

  • What’s happening:
      • The U.S. Senate has approved the toughest credit card restrictions in its history. If signed by President Obama, portions of the law could take effect starting in the fall with most protections starting nine months after enactment.
  • Why it’s important:
      • A new federal credit card law will tilt the playing field toward consumers by removing some of the credit card industry’s most profitable and punitive practices. Consumer advocates favor it. Card issuers warn it will drive up the price of and limit the availability of credit cards at a time when the country needs more spending to stimulate the economy.
  • What’s next:
      • The House and Senate versions of the bill must be reconciled. The final version could be signed into law by President Obama by the end of May.

     

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