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U.S. PIRG Consumer Blog
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October 26, 2009
Dodd: Freeze credit card rate increases now!
From Senator Chris Dodd, chairman of the Senate Banking Committee: Today Senate Banking Committee Chairman Chris Dodd (D-CT) will introduce a bill to immediately freeze credit card interest rates, fees and finance charges on existing balances. The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act enacted in May prevents arbitrary interest rate, fee and finance charge increases on a customer’s existing balance. Unfortunately, credit card companies have been jacking up rates in a last ditch effort to squeeze customers before all of the bill’s provisions can take effect.
Dodd's action follows passage last Thursday by the House Financial Services committee of legislation that would implement all remaining sections of the CARD Act on December 1, instead of next year. We support the strongest versions of both bills; we urge that the House bill's unfortunate loopholes in its new timetable that may allow some smaller predatory lenders to avoid the new deadline be eliminated from any final law.
Posted by Ed Mierzwinski at October 26, 2009 05:44 PM
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