Banks and credit card companies are not happy. They have been having too good, but now there’s trouble in paradise. I’m not complaining. After all, I’ve been a victim of some of the unfair practices that have pushed some otherwise good credit consumers into “sub-prime” status.

Once these new regulations have been enacted, no longer will banks and credit card companies be able to impose penalties for one day lateness in making a payment. They will be required to give you more time (21 days seems to be the proposed time span).

Also, they will not be able to raise interest rates at whim. It is interesting to learn that they have been increasing rates even for accounts in good standing.

Though still too soon to say in certainty, it is interesting that the lobbyists don’t seem to be getting their way for a change. Also to note is that this has come in the midst of the current credit crisis. Did have to take a crisis for those guys in Washington to see that there is really a problem?

The lobbyists have been having it their way for too long now. They even succeeded in having new bankruptcies laws passed (in the name of “bankruptcy abuse prevention act” or something like that) that gave lenders unfair advantage over consumers. Please don’t let them touch this one.

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