Obama 's laws fighting abusive credit card practices won't take effect til July 2010

So we're all wondering when and if there will be any laws against credit card companies? Not anytime soon folks, say July 2010 and even then it won't be THAT great. See the article below.

"Separate bills advancing in the House and Senate would place strict limits on card companies' ability to raise rates on existing customers and ban certain controversial practices. The Fed adopted new rules for card issuers late last year, but they won't take effect until July 2010..."

"....Mr. Obama said the current relationship between consumers and credit-card companies is "out of balance."

"We think we need to create a new equilibrium where credit is flowing; those who are issuing credit are able to make a reasonable profit, but they're doing so in a way that is responsible, and consumers are not finding themselves in a bad situation that they didn't anticipate," he said.

The credit-card executives left the White House without speaking to reporters. White House spokesman Robert Gibbs said Mr. Obama opened the meeting by saying that he disagrees with the notion that the new Fed rules on credit cards are strong enough. He said Mr. Obama also pointed out that he came into office having recently carried "appreciable" credit-card debt.

The legislation advancing in the House would bar issuers from applying payments to the portion of a borrower's balance with the lowest interest rate. It would also prohibit them from charging interest on parts of the balance that were already paid on time, a practice known as double-cycle billing.

In addition, it requires card companies to give customers 45 days' notice before raising rates and prevents them from raising rates on existing balances in most circumstances.

The Senate legislation would go further by placing a host of restrictions on credit-card transaction fees.

In addition to Mr. Obama, the White House was represented at the meeting by Treasury Secretary Timothy Geithner, National Economic Council Director Lawrence Summers, Council of Economic Advisers Chair Christina Romer and senior adviser Valerie Jarrett..."

provided originally by Wall Street Journal Article on Obama and Credit Card Abuse"

Find out how to drop your interest rates as low as 5.9% right now; prenegotiated, no hassle with Debt Management Guys

Coming Soon: Debt Management Guys FREE Report On Becoming Debt Free

If you are interested in learning free steps to reducing your credit card debt, simply shoot an email with your first and last name, and phone number and you can receive weekly tips to reduce and negotiate your credit card debt down. So many laws have changed we have great news for you!

You have nothing to lose but time and money! (If for any reason you do not receive an email from us, email debtmanagementguy@gmail.com and we will make sure you are added to the list.

For Immediate Release

ATLANTA, GEORGIA - DebtManagementGuys.com announces the site is up and running today in Atlanta, Georgia. DebtManagementGuys.com, the website of DebtManagementGuys.com can help consumers with credit card debt above $5,000 learn how to reduce that debt through a program that provides pre-negotiated interest rates with most major credit cards, and also can assist consumers in reducing their debt by half if they are making late payments through a debt settlement program. In addition, a free forum is available to ask questions about how to deal with creditors on your own.

The company indicated the new online publication at DebtManagementGuys.com/blog will include a variety of debt reduction topics ranging from dealing with creditors individually, credit counseling programs, alternatives to bankruptcy like debt settlement and other issues like dealing with payday loans.

According to Michael Hart, CEO for Atlanta based Debt Management Guys LLC, the forum will provides an quick way to find solutions on debt management and debt settlement while learning applicable Fair Credit Reporting Act laws to protect the consumer. Hart said the explosive growth in the debt settlement industry has only improved relations with banks to where settlements are coming in lower than originally anticipated, thus passing along the savings to the consumer, and healing the economy by providing a valuable service to the banks for recovered monies. Hart encourages consumers to avoid bankruptcy in most cases since it remains on a consumer's credit report up to 10 years, instead of 7 years with other settlement alternatives. In addition, unless your income is low enough for the state standards or you are in severe medical disability to qualify for bankruptcy, debt settlement allows a consumer to choose an affordable payment instead of relying on the government to dictate what you must pay on a monthly basis. More information is available at DebtManagementGuys.com

The website will provide articles, advice, and an opportunity for members to contribute and discuss their experiences with an integrated content management system that allows each member to communicate with each other, as well as be contacted by the call center if they need further advice on a credit counseling debt management plan


About Debt Management Guys.com

DebtManagementGuys.com is a unique debt management website in that people can ask questions for free in the forum to receive support. Consumers struggling with high debt due to loss of income or other financially related stressful situations can receive hope and encouragement. The website allows the user to learn more about the available solutions without the high pressure of a salesperson. Free consultations are gladly provided for those looking to understand the debt settlement process and what it entails for your financial future if applicable.

This press release was issued through DebtManagementGuys LLC. For more debt management and debt settlement news go to DebtManagementGuys.com

Debt Management Guys LLC
2625 Piedmont Road Suite 56109
Atlanta, GA 30324
Telephone: 404.949.7963.