In my last post I discussed the flaws in just one of Canadian Finance Minister Jim Flaherty’s credit card reform proposals, yet there are others.

Like the U.S. reform bill, at least half of what has been proposed isn’t going to be of much practical help to consumers in helping them get out of debt.

For instance, when you’re getting over your head in debt because your credit card interest rate has just been doubled, getting a 21-day notice or a 45-day notice that your rates are going to double is not likely to be of much long-term value in planning your exit strategy.

What you really need is for your rates to be capped so you can pay off your debt.

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It’s already old news – on Tuesday, May 19, the U.S. House of Representatives overwhelmingly passed the Credit Card Reform Act of 2009. The bill now goes to the U.S. Senate where it is expected to pass in short order so that President Obama can sign it into law before Memorial Day.

Washington Wire has succinctly summarized the bill passed by the House:

 
Quite frankly, these changes don’t strike me as having as far-reaching consequences as consumers may expect them to have. My analysis follows. [Read more →]

If you’ve never looked at a website that publishes information about legislation introduced to Congress, you might take a look at these links for HR 5244, House Resolution 5244, otherwise known as the “Credit Card Bill Of Rights Act of 2008″ from Gov Track.

If you have a credit card, you would be smart to call or write your Congressional representatives this Monday to demand that this bill be passed, and quickly.

The Summary Of The bill:

“To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes.”

Where It Is In The Legislative Process:

http://www.govtrack.us/congress/bill.xpd?bill=h110-5244

Read The Official Text Of HR522:

http://www.govtrack.us/congress/billtext.xpd?bill=h110-5244

Learn How How A Bill Becomes Law:

http://www.vote-smart.org/resource_govt101_02.php

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A Credit Card Bill of Rights (HR 5244) has been introduced to the U.S. House of Representatives. The bill is designed to stop the extreme credit card account re-pricing we’ve been seeing for several years in which interests rates are raised to high levels for no justifiable reason except that a credit card company and its shareholders want higher profits. 

Yet Congress is about to adjourn and will, likely, table the measure unless there is a public outcry from a large number of credit card account holders.

So send an e-message to your Congressional Representative right now by clicking on the link below! And pass on the message to everyone you know.

CLICK ON THE LINK

https://secure.consumersunion.org/site/Advocacy?cmd=display&page=UserAction&id=1949  [Read more →]