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Are able meanwhile a big development on this consumer credit card front late last night the senate banking committee reached a compromise.
On the bill that will protect consumers from abusive credit card industry practices -- be sent to the president's -- We -- days with more I'm joined by Curtis Arnold in the years -- founder of card ratings dot com.
Also the author of how you can profit from credit -- Good morning Curtis thanks for being here and -- thanks for having me all right so we understand that the senate has put together what they think should be -- credit card bill of rights from -- one passed in the house last week.
All -- close enough to this actually getting signed by the president.
Yeah I think we're very close.
You know the administration over the week in the president made this part of his weekly radio address in.
There's been some behind the scenes compromises.
Senate has been a little tougher -- house.
Portion past very convincingly.
But I think there's been some compromises and I think you're gonna see this thing pass pretty soon maybe even before Memorial Day we -- OK so Chris looks -- specifically what exactly is in the bill and how will it affect me the consumer.
You know there's a lot of provisions and in this bill and in one of the key things I think it deals with rate hikes on card ratings dot com we're hearing from folks almost every day.
They're complaining about the -- getting -- you know double or triple overnight from 10% to twenty even 30%.
So the bill has some pretty strong -- that are regarding rate hikes in the known provisions limiting when you can raise -- -- And under what conditions.
So we think that's a positive thing for consumers.
Now the content here if I understand for example -- issues and card issuers will be allowed to -- -- actively bump up.
Any the Barrera was -- to let our sixty days the late if you pay on time for six months you could go back to your original interest rates.
They're being even some suggestions.
Of -- happen on interest rates now the lobbying and the credit card companies is off the charts.
Why are they so outraged about this and what could -- -- to the credit card company.
Well you know it it Carter ratings we take a try to take a neutral approach a lot of this in these issues were very pro consumer but we're also pro credit.
Hence the title my book.
But we think that regulation is -- this industry's been virtually deregulated since about 1980.
And his failed miserably.
And that's what industry one of the main reasons industries -- such a black clouds in the Tories find Pratt.
However we're concerned it's industry is over regulated in this tight credit market there were NN.
It could actually end up hurting consumers.
In and that would be a bad thing so.
The administration I think the senate and the house are gonna have to kind of walk a tight -- here.
And you know and try to help consumers but not restrict the market so much that's already frozen.
That you know adds fuel to the fire here.
All right Curtis excellent points great having on the show thanks much for bring us up today.
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