MB Software Solutions General Account wrote: > I didn't hear about this news. Is that it--that the payments will now > be applied to the highest rate first? That's the opposite of the way it > is now, isn't it? These freakin' banks need to held accountable. I'm > under the impression that the government recently did things to free up > money for banks, but the banks are hoarding it and not helping > essentially to solve the credit crisis problems? I never know who to > believe any more, when it comes to political stuff. Each side says > something different!
The major parts of it are that money has to be applied to balance with highest rate first, banks can't retro-actively apply high rates to existing balances, and universal default (jacking up your rates because you had a late payment to a DIFFERENT card) is abolished. There's some more, but those are the biggies. That's the good news. The bad news is the banks got it delayed for 18 months, so it doesn't go into effect until June 2010. BTW, this legislation, coupled with the current financial mess, is why everyone is starting to get those "We're lowering your limit" letters. Now that the banks are having to bear more of the responsibility, their tightening up credit risk like they should have done originally. Of course, the banks plan to fight this all the way until June 2010, "for the good of the economy." _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
