Saturday, May 23, 2009

Quotes from me in Bloomberg article on credit card reform

Bloomberg has an article by Alexis Leondis entitled "Credit-Card Consumer Protection Law May Reduce Purchasing Power" that quotes me concerning my views on the new law. The article opens with:

May 22 (Bloomberg) -- Jack Krupansky declared bankruptcy three and a half years ago. Now he worries the credit-card legislation Congress passed this week will make his banks, including Barclays Plc, penalize him as a riskier borrower.

"This legislation could boomerang and hurt the same people it's designed to help during the credit crunch," said Krupansky, 55, a freelance software developer in New York.

After discussing the new law and its potential impact, the article then notes that:

Krupansky is concerned the legislation will trigger a reduction in his $8,000 of available credit. He's already seen his Frontier Airlines-branded Barclay's card reduced by almost half.

He uses it and cards from McLean, Virginia-based Capital One Financial Corp. and HSBC Holdings Plc of London to pay for groceries, airline tickets, hotel reservations and online subscriptions.

I had already blogged my views in a post entitled "Are all of my credit cards about to go the way of the Dodo bird?!."

-- Jack Krupansky

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