Great that Chris Dodd did a guest post at MLN yesterday on his credit card reform.
But, what happens when the postal service decides not to handle mail 6 days a week anymore?
It's time to get the post office out of the process and revisit this bill
that makes the date of payment the postmark date, not the receipt date.
Of course, the big bank lobby knocked this down, but I say it's time to put it back on the table. That is, unless you completely trust your credit card companies to post a payment to your account the moment it is received to avoid your being charged a late payment and having your interest rate hiked.
And, while we're at it, how about the other sneaky trick in which credit cards are now being canceled for not being used enough, which decreases your available credit, which lowers your almighty credit score, which can then trigger an interest rate hike?
Chris, you're on the right track. Now keep going.