I bet they'll take me off THAT calling list!

I just received a phone call from Capital One. There is no problem with my credit lines, but they wanted to inform me about a bill before congress that will "limit my rights to credit access".

Hmm....me thinks. Capital One is worried about my rights??? The same Capital One that raised my rated by over 15% just a couple of months ago???? Right after the President signed HR 627 which would limit their ability to raise my rates?  No, I don't think Capital One was worried about my rights.

So, I thought, why would they be calling me now? The bill doesn't go into effect until next year(Feb. 2010). So let's go to Google...it seems that Representative Barney Frank has had enough of the bs that banks/credit cards have been playing the little guy. Congress set the date of this bill in February 2010, to give the banks enough time to prepare for the changes, but the banks are using this time to screw up people's finanaces and Frank is angry about it.

The bill, which was signed into law by President Obama in May, spells out some basic consumers' rights:'

1. It will be more difficult for people under the age of 21 to get credit cards.

2. Interest rate increases for people who are late paying their credit card bill would be prohibited unless they are late for more than 60 days - and when they have made minimum payments for at least six months, their old rate must be restored.

3. Credit companies can no longer force you to pay for "phone payments"(many charged around $15 if you paid by phone).

4. Over-limit fees--consumers must opt-in for over limit payments..and the fees that come with that privledge.

5. Interest rate increases cannot be applied retroactively to balances.

So, then I do a little more research and find out that Senator Dodd, chair of the Senate Banking Committee, introduced a measure to freeze rates on existing balances until February, when the new rules are to go into effect. It seems that the Senate Democrats are also enraged that the companies used the delayed implementation of the law to jack up interest rates and "fees"...instead of using this time as it was deemed by Congress and the President: Prepare for the changes to protect consumers. 

And the phone call? She didn't get a word in edgewise. I told her that I was very informed about the change in the laws for credit and that I stood by those changes, in fact, I wanted the same law that Senator Sanders had tried for: to limit credit card interest to 15%...like it was before Reagan and Bush dismantled consumer protection within regulating consumer credit and that I would be calling my rep and senators and demanding more consumer protection! I don't think they'll be calling me back....