Posted on July 6, 2009 at 5:40 am Did the government recently pass a bill that's called Federal Debt Relief Plan? I haven't been watching or reading the news lately and I tried to actually search for it and did not find any..could anybody please enlighten me? Thank you!!

Posted on July 6, 2009 at 5:42 am I haven't heard of that either but there was a bill that was put into law that's called Credit Card Accountability, Responsibility and Disclosure Act of 2009.

Posted on July 6, 2009 at 5:46 am I third this, and that's not to be mistaken too, with he Obama economic stimulus package that was released to help the economy in recession.

Posted on July 6, 2009 at 5:50 am Hello if it makes you happy! The Credit Card Accountability, Responsibility, and Disclosure Act is effective February 2010(?) and it tackles the following:Interest rates - If the consumer's payment is 60 days late, the credit card company can increase the rate.Penalty fees - Unless the consumer has asked for an over-limit fee, the creditors can't charge the consumer for it. Banks may not charge late fees if they were also late in crediting a payment.College students - Credit card companies may not market to people under the age of 21, without parental permission, or verification of their ability to pay.

Posted on July 6, 2009 at 10:12 am It also addresses Universal Default. This is the policy that allows one lender to raise the interest rate on a credit card if they find out the debtor has defaulted on another credit card or loan. While this principle may seem rediculous (it does to me), banks argue that it is not unreasonable to do this since the "risk" of being paid back is greater if the person has defaulted on anything. Once the legislation takes effect, this will no longer be possible. Chalk one up in the W column for the consumers.

Posted on July 6, 2009 at 11:17 pm I don't think it's ridiculous at all. I think it's downright evil and it went on for years and years. Unbelievable!