Credit Card Legislation

I need to talk about this new legislation which was done in order to protect credit card users. Here is the big issue with the new law. It was written to protect those who have a balance, not those who are responsible and pay off their balance monthly. So since I pay off my balance monthly and do not pay interest these credit card companies are going to hammer me with new fees. The new law does not prevent this. Here is a link to an article on USAToday. http://www.usatoday.com/money/perfi/credit/2009-05-20-credit-cards_N.htm?obref=obinsite

The fees I am expecting are reduction in rewards. I use a credit card which I get cash from equating 1 or 5 percent depending on the purchase. So every few months I get a check. Well that will probably go down to a small amount. I can't count on 5% on certain things anymore. I will also pay an annual fee. I have 2 credit cards I never use. I will end up canceling them to avoid paying for something I don't use. One of them I got 17 years ago.

There is a price to pay, but this law was to protect those that are in over their heads not the responsible users. Why is it that our government is so into helping everyone in trouble that they will not help those that are not in trouble from getting into trouble. There are no restrictions in the law to keep credit card companies from just creating new fees. So instead of interest that they can't charge or the transaction fee they charge retailers they will just fee the consumer. Brilliant. While I am sure this legislation will help the majority. It is going to cost me money. I will let you know when it does.