The bill who's only constituency is the lobbyists for the banking and credit card industry passed today. Republicans bravely voted down amendments that would have exempted families who can't pay their bills because they've been called up to military service, families with catastrophic medical bills, people who've been the victims of fraud, and many other varieties of deadbeats.
Today's news story quotes David Drier of California claiming that this law will save the average family $400/yr in reduced fees and interest due to the credit card companies having to carry all this bad debt. I'll be keeping my eye out for the notice that my fees and interest rates are going down, as the credit card companies pass the savings on to me. And waiting, and waiting....
Thursday, April 14, 2005
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