The Credit CARD Act

I read an article in the New York Times called Loan-Sharking Inc. This article is directed to the average consumer. The article written in The New York Times may not fit into the Times’ motto “All the News That's Fit to Print" for the more conservative audience. The article refers to recent passage of The Credit Card Accountability, Responsibility and Disclosure Act. The Article leads the audience to believe that the law was a compromise to the Senate Republicans lobbying the creation of a Consumer Financial Protection Agency.
Basically credit cards have been getting away with various scams. The public is tired of outrageous interest rates, late fees and changing dues dates that credit companies have been getting away with. They are demanding that the government take action to provide protection to the consumer against the credit card companies. The recent law is a start in the right direction however more needs to be done. The article leads the reader to believe that the republican congress is blocking passage of a recent bill for the Consumer Financial Protection Agency, without which some advocacy groups believe the credit card companies will continue to find loop holes in the law.
I do lean on the side of the advocacy groups that there should be stronger laws to protect the consumer. Many young people have credits and not all of them misuse them. Some of them like my daughter use them for emergencies. I don’t think my daughter should be penalized as much as $49.00 for being late and an additional $25.00 to $50.00 for being as low as a few dollars over the credit limit. This has happened to me. I think credit card should offer the same latitude to consumers as others financial institutions.