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March 15, 2005
Bankruptcy
Here is a reasonable credit card regulation suggested by Just One Minute in reponse to the recent Bankruptcy Bill, "require credit card issuers and consumer lenders to prominently disclose information about (a) penalty rates and fees, and (b) the proportion of clients currently paying those fees. For example, suppose the next letter you received saying “You are Pre-Approved” also told you, on the front of the envelope, that the penalty rate was 30%, that monthly late fees were $35, and that 8% of current card-holders paid late fees or penalty interest at some point in the last three months. Suddenly, that tired old financial planning advice to be near a wastebasket when you go through the mail sounds very sensible."
One of the few types of regulations I support are ones that increase information and make the information easier to understand. Previous bankruptcy post.
Posted by Pete at March 15, 2005 05:23 PM
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