Chase to Eliminate 2-cycle Billing
From Bankrate:
- Last week Chase Card Services announced a few changes in its credit card services. Most importantly, they decided to end double-cycle billing, which calculates interest over a two-month period and can result in higher finance charges.
Chase ends double-cycle billing [Bankrate]
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What does it say about how I feel about credit card companies when my first thought on seeing this headline was, "I wonder if they are going to start 3-cycle billing?"
What's more interesting news than Chase dropping the practice (good for them) is that the Senate Banking Committe is reviewing credit card practices.
Old Bankruptcy law assumed that if a borrower had gotten in over their heads, it was the credit-grantors fault for lending them money contrary to an expectation of repayment. New bankruptcy law transfers some of that responsibility to borrowers now.
That's all fine, borrowers need to take more responsibility for, well, responsible credit management. But at the same time, lending laws (especially those related to credit-worthiness) need some tightening up. I support both bankruptcy reform, transfering more responsibility to borrowers, and credit card reform, increasing the responsibility of lenders.
Sorry. Right. Good Chase, good.