KEYE-TV, May 19, 2009
Landmark credit card legislation passed by the Senate 90 to 5 will alter the way the credit card industry does business. After President Obama signs the bill into law, which is expected before Memorial Day, the $960 billion industry will go through a restructuring phase that should have broad implications for consumers. Michael Brandl, finance lecturer, appeared on Austin’s KEYE to comment on the legislation. “This is trying to, if you will, level the playing field a little bit to try and give the consumer at least a chance to understand what is going to happen to them in these various financial arrangements they’ve got set up.” Watch the video.
1 response so far
We want to hear from you! To keep discussions on-topic and constructive, comments are moderated for relevance and for abusive or profane language. Please note that it may take some time for your comment to appear.
1 Cap // May 26, 2009 at 10:24 am
Definitely agree that the legislation will level the playing field for consumers a little — especially when card companies are forced to spell out exactly how much it’ll cost people if they only pay minimums… but am also feeling pretty iffy about the provisions on limiting credit card accounts to younger ‘adults.’ While I definitely feel that younger cardholders needs to be educated more before they take the plunge on credit cards, the entire section just feels like too much helicopter parenting by the government.
Leave a Comment