U.S. Stocks Erase Gain as House Votes to Limit Card Rates

News Type: Event — Seeded on Wed Nov 4, 2009 9:16 PM EST

Article Source: Bloomberg.com

business, banks, interest, rate, credit-card-limit

U.S. stocks erased most of a 156- point rally in the Dow Jones Industrial Average after a House bill to curb credit-card rates spurred concern about bank earnings, outweighing the Federal Reserve's plan to keep interest rates at a record low.

Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. led financial shares to the steepest loss among 10 industries as the vote moved up the start date of many rule changes that will make it more difficult for lenders to raise rates on existing credit cards. The Standard & Poor's 500 Index wiped out most of a 1.5 percent rally triggered when the Fed said it will leave interest rates at "exceptionally low" levels.

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{"commentId":10484735,"authorDomain":"akfortytexan"}

akfortytexan

Sucks that American companies and Americans lost money due to a slide in the market, but fu*k the credit card racket. Theirs is a scheme to bankrupt the American people and keep them in dept forever. Trust me, Im an advocate for responsibility and I believe that if you get into debt it is no ones fault but your own and you alone should have to repay your debts. But these card companies are border line criminal in their loaning racket and the credit card reform is one of two, maybe three, things that I have supported Obama on.

{"commentId":10484735,"threadId":"716963","contentId":"3462486","authorDomain":"akfortytexan"}

1 vote

#1 - Wed Nov 4, 2009 10:17 PM EST

{"commentId":10485082,"authorDomain":"JoulesBeef"}

JoulesBeef

Not sure about limiting the rates.. the companies just have to be honest about them and explain in simple terms about what it really means.. cause a lot of people dont know what 20% apr means in terms on how much more they will spend on things using credit.

They are doing other things that are worth while.. not allowing the CC corps to change rates on money already lent to you.(existing balances).. not allowing credit card companies to submit your payments to the lowest rate balances first and other unethical things they have been doing.

{"commentId":10485082,"threadId":"716963","contentId":"3462486","authorDomain":"JoulesBeef"}

2 votes

#2 - Wed Nov 4, 2009 10:36 PM EST

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U.S. Stocks Erase Gain as House Votes to Limit Card Rates

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