Debt Free News

Democrats target credit card companies

January 26, 2007

In debt free news today we are looking at a development from Washington DC where Democrats in Congress are taking a very close look at the way credit card debt is acquired and at the credit card companies themselves.

This is a story any of our readers who are trying desperately to become debt free should take to heart. Democrats, fresh off taking control of Congress are already sinking their teeth into the grown credit card industry’s massive amounts of consumer over charging. Looking to renewing a push to protect credit card consumers from mounting fees, interest rate increases and other issues surrounding the old standard of hiding extra fees in the fine print, Democrats in Congress feel it is beyond time to strengthen law protecting consumers in credit card debt.

Yesterday, the Senate Banking Committee Chairman Chris held a hearing on credit card company disclosures, marketing schemes and billing plans. He has plans to take a closer look at just what it is each company is charging consumers for each event mentioned above to explore whether consumers are being taken extra advantage of.

In fact, this meeting today is said to be just the first of many to come that will be exploring the ways credit card companies impose fees and how that effects consumers as a whole as well as individually.

In another similar situation, a Homeland Security and Governmental Affairs sub committee has created its own exploratory examination that will take a much closer look at misleading credit card company performances.

This same committee just released its findings regarding a rise in the number of credit card consumers that are suffering from credit card debt interest rates of more than 25%. It sounds insane to our debt free news staff – but these high rated cards are out there and so many of our debt free readers cannot get out of debt from them because of it. This committee will be taking a close look at all practices conducted towards consumers with this high rated credit card debt.

We are pleased to announce these new developments to our debt news readers and want to say that this new agenda will quite honestly change the industry of credit card companies and the way they handle consumer debt and their customers. We only hope that this issue id kept on the front burner and not squashed by any other agenda. As a savvy debt free advocate here at DebtFree24.com, I have to say that many times agendas are traded for the approval of another and I am praying that Congress does not trade this topic in for another one. Consumer debt in the US, mainly overwhelming consumer credit card debt do to high interest rates is a major problem as of late. The level of consumer credit card debt is currently at an all time high.

As many of our debt free readers already know, Republicans did a good job ignoring this topic in general;, now that consumer debt is screaming for a solution to creating a better customer situation, we are all watching here at this debt free site. In fcat, only 2 years ago, we a witnessed a Congress that was paying more attention to the effect delinquent consumers had on lenders. What’s more, it passed a milestone law making it harder for consumers to borrow (debt settlements) to wipe out debt by filing for bankruptcy. Banks were elated, and consumer debt free advocates were up in arms.

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