There are many new credit card laws coming in place to keep things more organized to bring relief to card holders. The latest law was approved by the Congress in July making it possible to establish a consumer bureau within the Federal Reserve System to protect borrowers. This comes as a relief since some may see the end of credit card abuse they have been facing for some time now.
Though many laws are in place, not much is being done for single moms who face stiff competitions from credit card companies when it comes to fighting for alimony and child support expenses. The advocates for women`s financial security have said that the law brought in during July has done nothing for single moms.
Carey Ebert, president of National Association of Consumer Bankruptcy based in Washington said that till 2005, bankruptcy would wipe out credit card debts but would not make any impact on child support and alimony. This meant that ex-husbands were left with enough fulfill the obligations in spite of filing for bankruptcy, but the situation has changed today.
This has left single moms with the tough task of fighting for alimony. Credit card companies are masters of the trade and have ways and means to collect money from the borrowers which the women do not. Hence, many a times it is the credit card companies that win and single moms are left helpless.
Warren, a professor at Harvard Law School in Cambridge said that law is making the situation especially difficult for women with children since it is the credit card companies who stand the obvious advantage. Warren made the point through the Women`s eNews commentary in December 2000 and followed another article in Huffington Post nine years later.
Big players like Visa and MasterCard are way too strong for the women to compete with. It is sad that the laws in US are not giving much thought to single women who are already vulnerable to many other problems. Life is not easy for these moms who juggle many tasks to take care of their children single handedly. Many citizens feel the US law should be implemented with more thought so that all people stand to benefit without making it a one sided game.
In a situation where credit card frauds are norms of the day and borrowers are affected because of the current financial condition, better framed laws are being awaited for.