GOP Blocks Freeze On Credit Card Interest Rate Hikes

[depakid]

Source: Huffington Post

Senate Republicans blocked a Democratic effort Wednesday to immediately freeze increases in credit card interest rates, fees and finance charges. Shortly after Democrats passed credit card reform legislation in May, the card companies began jacking up rates in advance of its implementation. Major parts of the act won't take effect until February and August of 2010.

Earlier this month, to combat the rate hikes, the House passed legislation to move the effective date up to December 1st. The Senate moves much more slowly and the credit card industry has been arguing that it can't practically get its act together to implement the reforms that quickly.

Okay, said Sen. Chris Dodd (D-Conn.), who sponsored the original bill that passed 90-5. Instead of implementing the entire basket of reforms, Dodd proposed instead simply freezing interest rate and fee hikes in advance of the holidays. Surely, he said, that's not too difficult to implement.

"We worked long and hard to enact the safeguards included in the Credit CARD Act," said Dodd. "And no sooner had it been signed into law, but credit card companies were looking for ways to get around the protections this Congress and the American people demanded. This bill would end those abuses and further protect customers today."

Read more: http://www.huffingtonpost.com/2009/11/18/gop-blocks-freeze-on-cred_n_362787.html

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One would think that the Dems would see this and other opportunities to paint Republicans as the bankster supporters as early Christmas gifts.

[Demeter]

1. Put the GOP on Suicide Watch!

First Sarah Palin, now this.

[jasi2006]

29. Put the Dems right behind them. Why are the Dems not raising hell

aboout this? Someone should be at every Palin booksigning to ask her her opinion of this RW move. That would get the info out there to the dittoheads who don't keep up with the real news.

[Tansy_Gold]

34. Why are they not raising hell? BECAUSE THEY DON'T CARE

If they gave a fucking rat's ass about consumers, they wouldn't have put the "implementation" of their so-called reforms out 18 months. What did they think the credit card companies were gonna do in the 18 months? Take a cruise? Practice yoga? They KNEW the credit card companies were gonna jack up rates, jack up fees, squeeze every last drop of blood from the card holders.

NONE OF THEM GIVE A SHIT. NONE OF THEM. DODD? OH GIVE ME A FUCKING BREAK.

And who spoke up for us, for the consumers?

chirp. chirp.



And who is screaming from the rooftops that the pukes are ripping off their own supporters?



chirp. chirp. chirp.




TG

[superconnected]

2. Bastards.

[CLANG]

23. I second that emotion! (apologies to Smokey Robinson & the Miracles)

[Hawkeye-X]

3. GOP just hung themselves over this action

And a VERY good reason to use the nuclear option to pass a freeze and enact a usury limit of 5%. Anything more will force the corporation to be classified as criminal enterprise and will be sentenced to mandatory life in prison without parole. For all executives involved.

Hawkeye-X

[Liberal_Stalwart71]

4. Sadly there are too many Democratic corporatists in the Senate.

Does Harry have the guts to go nuclear? I'll believe when he actually does it!

[redqueen]

5. Perhaps we should start calling to suggest it. (nt)

[FarLeftFist]

6. That's actually evil.

[naaman fletcher]

7. Personally,

I don't so much mind what the interest rate is, so long as the companies are upfront and fair about changing it, and about all the BS fines and charges, etc.

The main problem with the industry is that they are liars and frauds.

[KansDem]

13. I agree...

When I got a notice that my terms were changing the first time, I was flabbergasted and thought "But aren't contracts binding?" Of course, I assumed when you took out a credit card, you agreed to the "Terms of Service" at that time, and that those terms were like a contract between you and the CC company.

Little did I know...

[customerserviceguy]

8. Sorry if I'm not getting something here

with this. How can forty Repukes "block" something all by themselves? Don't they need about ten Democratic Senators to join with them to "block" something?

[endless october]

9. what did we bail those fuckers out for again? n/t

[muntrv]

10. Repukes and corporadems are pro-loan shark.

[FreeStateDemocrat]

11. Please explain to me why it was so fucking important that we have a 60 vote majority?

Every time the pukes want to, they put the cabash on anything that may help the working class while our sixty vote majority says to bad we can't do anything about it. Democracy in action, big bucks and corporate America call the shots in both parties. Fuck the ruling class.

[glinda]

14. then we need to elect better Dems and more of them

[boppers]

28. ITYM Kibosh, not "cabash". eom

[ElboRuum]

35. Actually, it's kybosh.

At least that's how I've always seen it spelled.

On edit:

RETRACTION: Checked out MW and both "kibosh" and "kybosh" are correct spellings, "kybosh" is the accepted British variation. Nevermind.

[boppers]

46. Oh, those crazy Brits and the ways they colour the American language...

:evilgrin:

[Missy Vixen]

30. Thank you

I wish I could recommend a single post. We've been fed this over and over and over since the eighties. "All we need is a majority." "All we need is sixty votes in the Senate." "All we need is a Democratic president."

Again, if Dodd can't get this legislation through with the majority and Obama in the White House, it's time to give up.

[Demeter]

38. GOP Senate Put in a Rule--Harry Reid Hasn't Taken It Out

which side is Harry on, now?

[Auggie]

12. I'm getting angry enough to Hulk out

:mad:

[SoCalDem]

15. Actually, this may not do much harm.. what good is a freeze @ 30-99% interest

dems would do well to start over and have a ROLL-BACK of rates, to reinstate usury laws and set a MAXIMUM that can be charged

[depakid]

25. +1

That would be not only catching the ball (and a clue) but running with it.

[Statistical]

31. 99% interest? really?

[SoCalDem]

32. yep.. I forget the card issuer, but someone posted about it a few weeks ago

:grr:
Even Leo the loan shark had better rates than that:)

[KansDem]

16. Why?

Dodd, on Wednesday afternoon, asked for unanimous consent to move the bill forward.

"On behalf of several senators on this side of the aisle, I object," said Sen. Thad Cochran (R-Miss.). And that's the end of it.

That's it? :shrug:

[Hawkeye-X]

18. On behalf of every Americans out there.. FUCK YOU Thad

and resign, effective IMMEDIATELY.

Thank you.

Hawkeye-X

[glinda]

37. I second that

[annabanana]

17. Did they even bother making up some EXCUSE for this action?

Or is it just their standard.. "Screw YOU, Americans" thing?

[CatholicEdHead]

19. But the free market does not like anything under 35% intrest

:sarcasm:

[penndragon69]

20. The banking and insurance industry

is controlled primarily by the MAFIA anyway.
Just like waste disposal and many sectors of the construction biz.

[benld74]

21. I would REALLY like to see the GOP get what Comes around AFTER they Sent it AROUND!

WHAt goes around comes around

[KingBob]

22. Surprise Surprise Surprise

[DesertDiamond]

24. I'm amazed at how hard they are working to become extinct as a party!

Who is going to vote for them anymore except the corporate CEO types?

[LynnTheDem]

26. Protecting the rich elites from We The People!

It's the GOP Way of Life!

Funny how the freepery rightwingers haven't actually realized yet that they're part of the WTP, not the rich elites. Voting against one's own best interests...very strange.

[classysassy]

27. A buy a congressperson

Democracy at work,to the highest bidder goes the spoils.They don't pretend any more,yes we take bribes.There are crooks on both sides of the aisle.

[DU GrovelBot]

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[xxqqqzme]

36. Dec 1 is too late

There were interest rate increase notices in each statement I received over the summer.

[fascisthunter]

39. the Political Party of Leeches, anti-middleclass GOP

always has been, always will be... party of the religious occult as well.

[unblock]

40. ah, the card companies can't implement reforms quickly, but they sure can raise rates quickly!

trust me, if the "reforms" made them more money, they'd find a way to implement them really quickly.
most of the reforms we're talking about are not particularly hard to implement. there's plenty of testing, to be sure, i'm not saying it's trivial. but the original timeline gave them, what, 18 months?

ridiculous.

[robinlynne]

41. and that majority we have? how can the GOP block anything without Dem help?

[onethatcares]

42. ladies and gentlemen, the party is over.

the money class enjoys its' privlege, it enjoys its' lording it over the pee-ons. The senate is just a bunch of white rich guys(of course there's a token darkie in there somewhere)that has all it needs to live a very comfortable life, for the rest of its' life. They're taken care of by us, the bankers, the insurers, the mega farmers, the captain in the dell, the three ladies milking and any other faction they can squeeze some coin from.

Now what? Rebellion, hahahhahahahhahahaha, don't pay your bills, double hahahahahahahha, we're fucked.

[katty]

43. GOP=Greedy Old Pricks

[Fearless]

44. HOW????

[MilesColtrane]

45. GOP shitheels!

Just got a letter from my credit union concerning my credit card today.

They will be raising the rate from 7.49% APR to anywhere from 7.99% to 18.00%. (Care to guess what number the final rate will be closer to?)

Cash advance rate goes from 7.49% to 18.00%.

I've only had the card since June and I have a spotless credit history.

Since I must have a card for my business, I guess I'll have to bend over and take it.

:grr: :grr: :grr: