Congress keeps reminding us that they have the final say on how things are run, even though it sometimes seems like credit card companies have control over everyone. Since Congress is looking into several credit card-related issues, there will probably be some kind of policy regulation in the coming years.
As the internet keeps getting better, more and more people use credit cards for a wide range of things. People use credit cards to do everything from buy clothes or computers online to gamble and bid on items in online auctions. With all the freedom that has been given up to this point, Congress will have to step in and start regulating online policies.
The Fair Debt Collection Practices Act is one way that Congress is helping people with credit cards right now. This is a law that Congress passed that says how collection agencies can go about getting money from people who haven't paid their bills. For example, collection agencies can't call a debtor's family or employer, and they can't call the debtor on the phone before 8 a.m. or after 9 p.m.
Even though it's important to try to pay off as much of your debt as you can, sometimes more debt comes your way. With the FDCPA, if you don't answer the phone, you can buy some time to try to come up with the money without being forced to do so. If a collection agency breaks any of the rules, you can take them to court.
Internet fraud and identity theft are one of the main things that Congress is worried about. There are thousands of credit card transactions every day through online auctions, gambling, and online stores. But every day, hundreds of people around the world have their identities stolen. In fact, identity theft is now the most common crime in the United States.
Congress is still looking into what kind of security online sites offer their customers and what rules they will have to follow. More and more websites will have to change to meet the needs of their customers as the internet grows. Things are fine right now, but as more and more people buy things online, many sites won't be good enough in the future.
It's still not clear what kinds of rules Congress will make to protect you and your credit card. Congress has been researching and talking about how to make the internet safer, and only time will tell what kind of rules they come up with.
