Reform leaders seeking to fast track reform.

You are not alone… even Congress is having trouble controlling the credit card industry.  Congress thought they were doing everyone a favor when they implemented a wave of reforms designed to give consumers more protection from abusive credit practices.  In the interest of fairness, Congress also gave the credit card companies time to think and prepare for the transition to the new rules.  The concern, now, is that maybe they gave them too much time.  Instead of taking the time to reform their practices and attitudes towards consumers, many credit card companies used the time to get in some last minute gouging….and congressional leaders are not happy.  As a result, many leaders are now seeking to fast track reform measures and move up their implementation date.  Some reform measures hit in August, but the bulk were not scheduled to take effect until February of 2010.  Rep. Carolyn Maloney is recommending that the effective date be moved up to December 1, 2009.  She explains: “I believe they’re taking advantage and using the time before the effective date badly. Changing the effective date to December 1 is both warranted and wise.”  If approved, the changes will come right before most people begin their holiday shopping.  Some consumer groups hope that the advance date will help consumers.  Others like, John Ulzheimer, president of education for Credit.com, consider it a mere slap on the wrist.

Regardless of which camp you fall into, the bottom line is that it’s as stressful for Congress when it comes to dealing with a credit card as it is for most consumers.  If you are struggling with the balances due on your credit card and you are in the process of having to haggle with a credit card company this can be somewhat disheartening news.  If Congress is having this much difficulty getting them to adopt fair practices, what chances does the ordinary consumer have?   This is not to say that some companies won’t deal fairly with you and rework your payment options.  But the reality is that as the economy get tighter, so do  the financial tactics of credit card companies.  You will feel pressured to accept as true whatever options they tell you that you are available.  You do not have to blindly accept what they offer. Before you fall into another deal which does little or nothing to provide you real relief for your debt situation, consider contacting a bankruptcy attorney in your area to review all of your options.  When it comes to dealing with a credit card company, one of the most important advantages of the bankruptcy process is that it equalizes the bargaining process.  First, you gain an advocate, your bankruptcy attorney, to make sure that you get treated fairly and legally.  If there is a disagreement, a bankruptcy judge will provide referee services and assess penalities if the credit card company breaks the rules.  Despite Congress’ problems, a bankruptcy judge can levy more than a slap on the wrist to make sure that you are treated fairly throughout the bankruptcy process.  Just about everyone hits a point in their life when they struggle financially.  Regardless, that doesn’t mean you deserve to be treated as less of a person and you don’t have to wait for Congress to reconvene for another session to get relief. Immediate help is available through the bankruptcy process.

You are not alone… even Congress is having trouble controlling the credit card industry.  Congress thought they were doing everyone a favor when they implemented a wave of reforms designed to give consumers more protection from abusive credit practices.  In the interest of fairness, Congress also gave the credit card companies time to think and prepare for the transition to the new rules.  The concern, now, is that maybe they gave them too much time.  Instead of taking the time to reform their practices and attitudes towards consumers, many credit card companies used the time to get in some last minute gouging….and congressional leaders are not happy.  As a result, many leaders are now seeking to fast track reform measures and move up their implementation date.  Some reform measures hit in August, but the bulk were not scheduled to take effect until February of 2010.  Rep. Carolyn Maloney is recommending that the effective date be moved up to December 1, 2009.  She explains: “I believe they’re taking advantage and using the time before the effective date badly. Changing the effective date to December 1 is both warranted and wise.”  If approved, the changes will come right before most people begin their holiday shopping.  Some consumer groups hope that the advance date will help consumers.  Others like, John Ulzheimer, president of education for Credit.com, consider it a mere slap on the wrist.

Regardless of which camp you fall into, the bottom line is that it’s as stressful for Congress when it comes to dealing with a credit card as it is for most consumers.  If you are struggling with the balances due on your credit card and you are in the process of having to haggle with a credit card company this can be somewhat disheartening news.  If Congress is having this much difficulty getting them to adopt fair practices, what chances does the ordinary consumer have?   This is not to say that some companies won’t deal fairly with you and rework your payment options.  But the reality is that as the economy get tighter, so do  the financial tactics of credit card companies.  You will feel pressured to accept as true whatever options they tell you that you are available.  You do not have to blindly accept what they offer. Before you fall into another deal which does little or nothing to provide you real relief for your debt situation, consider contacting a bankruptcy attorney in your area to review all of your options.  When it comes to dealing with a credit card company, one of the most important advantages of the bankruptcy process is that it equalizes the bargaining process.  First, you gain an advocate, your bankruptcy attorney, to make sure that you get treated fairly and legally.  If there is a disagreement, a bankruptcy judge will provide referee services and assess penalities if the credit card company breaks the rules.  Despite Congress’ problems, a bankruptcy judge can levy more than a slap on the wrist to make sure that you are treated fairly throughout the bankruptcy process.  Just about everyone hits a point in their life when they struggle financially.  Regardless, that doesn’t mean you deserve to be treated as less of a person and you don’t have to wait for Congress to reconvene for another session to get relief. Immediate help is available through the bankruptcy process.