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Monthly Archives: May 2009

Credit Card Bill Signed Into Law by President Obama

Published on May 23, 2009 by Robert A. Kraft

On May 22, 2009, President Obama signed into law an act designed to protect consumers from surprise credit card charges. Although opposed by many financial companies, Obama strongly endorsed the bill, and it passed Congress with board bi-partisan support.
Obama made it clear that he did not back the changes with the intention of assisting those [...]

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U.S. House Passes “Credit Cardholders Bill of Rights Act”

Published on May 2, 2009 by Kathleen Munden

On May 1, 2009, the House of Representatives passed the Credit Cardholders Bill of Rights Act of 2009. The bill received strong bipartisan support, passing by a vote of 357-70, with 252 Democrats and 105 Republicans voting for the measure.
The bill includes provisions that:
–          Bar retroactive rate increases on existing balances except for those more [...]

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Credit Card Charge-Offs Hit Record High

Published on May 1, 2009 by Robert A. Kraft

According to the debt research firm CreditSights, the number of credit card loans deemed uncollectible and delinquent has reached record levels. In March 2009, uncollectible and written-off accounts reached an 8.6% annual rate, compared to 5.3% a year earlier. Delinquent loans reached 6%.
The rise in uncollectible debt is tied to the unemployment rate, which reached [...]

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