Orange County Register

After this week’s hearing on whether Congress will move up the effective date of the Credit Card Act of 2009 I promised more on the subject.

Here’s the top of my Letter from Washington, in which I query Orange County credit counselors and Rep. Ed Royce on the subject:

“It’s not often that the effective date of a law gets much attention in this town. In the case of the Credit Card Act of 2009 it’s become a national controversy.

“This law, signed by President Barack Obama on May 9, is scheduled to be fully effective on Feb. 22, 2010. Consumers and their advocates say that nine-month lag is costing Americans millions.

That’s because, they say, the banks who market Visa, Master Card and other credit cards have been busy raising rates and fees, finding any way they can to make more money before the law lowers the boom on them next year.

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