Credit Card Companies and Banks : Toxic Plastic - reign of terror by Credit card companies will continue - by Nancy Trejos
In the US Congress is on the verge of passing legislation that would transform the way credit card companies and consumers interact. But relief won't come anytime soon, even if the legislation makes it to President Obama's desk by Memorial Day, as he has requested. As proposed, the earliest that either the House or Senate version would go into effect is nine months after being signed into law. The Federal Reserve, meanwhile, has approved new regulations that do not go into effect until July 2010."With implementation nine to 12 months away, I think the reign of terror we've seen going on relative to consumers will continue," said Adam Levin, former New Jersey consumer affairs director and founder of Credit.com.