Although at times it seems as if the credit card companies have dominance over everyone, Congress continues to remind us that they have the final say in the way things are run. With Congress looking at several issues that deals with credit card companies, there is sure to be some kind of regulations on policies in the coming years.
As the internet continues to develop, more and more people are using credit cards for an array of different things. Credit cards are used for everything from purchasing clothes or computers online to gambling and online auctions. With the freedom that is allowed thus far, Congress is bound to step in and begin regulating online policies.
One way Congress is helping people with credit cards right now is through the fair debt collection practices act. This is a law that was passed by Congress which regulates the methods collection agencies can use to collect money from debtors behind on their payments. For instance, collection agencies are not allowed to contact relatives or employers of a debtor, and they are not allowed to contact the debtor by phone before 8 a.m. or after 9 p.m.
While it is vital that you try and pay off as much of your debt as possible, sometimes debt piles up on you. With the FDCPA, it allows you to buy some time try to come up with the money without legally being contacted if you choose not to pick up the phone. If any collection agency does break any of the rules set, you have the ability to take them to court.
One of the main areas of concern for Congress is internet fraud and identity theft. Through online auctions, gambling and online stores there are thousands of credit card transactions a day. However, there are also hundreds of reported identity thefts around the world every day. In fact, identity theft has climbed to the number one crime in the U.S.
Congress continues to look into what protection online sites are providing their customer with and what regulations they are going to have to make. The further the internet develops, the more websites are going to have to adjust to fit the needs of their customers. While things are alright at the time being, many sites won’t be good enough in time with a growing number of people purchasing items online.
What types of regulations Congress will make to protect you and your credit card is still unclear. There has been continuous research and discussions regarding how Congress will make things safer online and only time will tell what types of regulations they set.
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