Credit Card Reform March 2010

by Tim Krulia – Private Money Blueprint CFO

As part of our quest here at PMBP to give you the single best resource on the financial aspects of growing your real estate investing business (aka, we help people find private money quickly, easily, and abundantly)… here’s an article I found that helps explain the recent credit card reform legislation…

Author Martha C. White does a great job of laying out some of the changes that new, “virtually guaranteed” (cough cough….BS…..cough cough) credit card reform legislation that Congress is working on at the present time.

I really hope that Congress can start passing more than just gas because it sounds like this Credit Card reform bill could be really great for the country! The existence of “universal default” practices, bombarding college campuses with credit card salesman, misleading teaser rates or anything that can make a credit card interest rate spike though the roof for one late payment is all pretty rotten if you ask me. It sounds like President Obama and Congress are trying to work toward righting a bundle of the wrongs in our credit card world with this new reform jazz they’ve got cookin’.

I suppose it isn’t material to Private Money Recruiters how all this credit card business shakes out because our business plans have a different focus when it comes to debt management. For example, if we’re late on a payment to one of our private money investors, more times than not it was just an oversight; so we quickly overnight them the money and we all go about our business like normal sophisticated humans.

The credit card companies seem to have got to a point where they are like sharks and as soon as they smell blood they want to rip their borrowers to shreds! Heck, even if Congress agrees to something for a change and the bill goes though, with private money as an abundantly available alternative, who in their right mind would want to go the credit card route anyway?