Monday, June 01, 2009

Representative “Doc” Hastings takes a stand

I am not sure whom he is working for but Representative Hastings took a stand. With the recent credit card reform bill Representative Hastings took a stand with few other members of the House (about 30 members or 7% of the members)

• He wanted to allow banks to hike the interest on purchases that were already made.

• He opposed limits on fees and penalty with credit cards.

• He opposed limiting aggressive marketing of credit cards to college students.

• He wanted to allow banks to hike interest without notice.

• When banks give low teaser rates he didn’t want to hold them to the rates for six months.

• He supported gift cards expiring earlier.

Maybe it is not clear whom Hastings is working for while he is in DC, but it is clear that he does not work for College Students or the middle class or the 60% of the population that has a balance on a credit card.

--Jim Cole

No comments: