Credit card companies are not happy about the bill

19 May, 2009

credit-cardsObama’s administration passed a bill today that should revolutionize the credit card industry. The bill will enforce strict regulations on the monster finance companies.

Natuarlly, the credit card companies are not pleased.

In fact, they have gone so far as to threaten card holders that penalties will become stronger and be more severe, annual fees will be higher, and there will be less in the way of points programs.

The bill only has effect in the United States but like many fads down south this should find its way to Canada before long. Regulations are not excpected to kick in until July of 2010.

The Consumerist: Bankers Threaten To Punish “Good” Cardholders If Reforms Pass

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I am an ex-pat Newfoundlander who has uprooted and moved to the big city of Toronto. I develop web applications for work and for fun. I play ultimate and ice hockey year-round and camp every chance my girlfriend will let me.

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