Representative Carolyn Maloney, a Democrat from NY, introduced the Credit Cardholders Bill of Rights Act of 2008.  Maloney is the Chairwoman of the House Financial Institutions and Consumer Credit Subcommittee.  The bill of rights is supposed to protect cardholders against arbitrary interest rate increases, prohibit excessive fees and require Congress to provide better oversight of …

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Bankruptcy Reform Backfires on Banks According to a Bloomberg article on November 8, 2007, the bankruptcy reform lobbied for in 2005 by a group of banks, may be contributing significantly to the rapid increase in foreclosures.  Bloomberg’s contention is that since it’s now much harder to discharge credit card debt, strapped consumers are instead walking away …

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