Credit Card Reform Did Not Fix Everything


As Doug Jacobs notes, Congress has passed significant Credit Card Reform legislation.

The Federal Reserve Board had previously required some reforms, not effective until the summer of 2010.

The Fed rejected requests from Congresspeople to move up that date, so they can still impose retroactive interest rate increases, among other things.

It is unfortunate that the Courts let the credit card companies change the terms of contracts whenever they felt like it.

Your contract with a credit card company, or any other lender, is a adhesion contract.

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