Monday, February 22, 2010

Economic Emancipation: Credit Card Reform Takes Place Today

Proverbs 22:7

The rich rule over the poor, and the borrower is servant to the lender.

Proverbs 22:2, 9, 16, 22-23
Rich and poor have this in common: The LORD is the Maker of them all...A generous man will himself be blessed, for he shares his food with the poor...He who oppresses the poor to increase his wealth and he who gives gifts to the rich--both come to poverty...Do not exploit the poor because they are poor and do not crush the needy in court, for the LORD will take up their case and will plunder those who plunder them.

The Credit Card Reform Act directs credit card companies to show the loan pay-off date when the minimum balance only is paid, forbids raising interest rates without a 45 day notice, and prohibits charging fees when you go over your credit. All of these efforts are an attempt to give consumers adequate information to manage their debt and to be rid of predatory practices meant to increase the profit of credit card companies on the back of consumers.

Now it’s our turn to get our finances in order so that such legislation would not be needed.

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