Congress finally doing something positive for the people. Credit card companies have been preying on the people during the most difficult time for American families since the Great depression. Charging 29.99% interest rates is outrageous.-Lou"The rules that go into effect July 2010 are very protective for consumers, we would only hope that legislation would go further," said Linda Sherry, director of national priorities with advocacy group Consumer Action.
The House bill would take actions such as:
The House bill would take actions such as:
Prohibiting rate hikes on existing balances, except in certain circumstances.
Requiring 45 days notice for interest rate increases and significant contract changes.
Prohibiting "over-the-limit" fees when cardholders have set their own credit limits.
Prohibiting "double cycle" billing, a practice in which interest is charged on debt that has already been paid on time.
Prohibiting fees for payments made over the phone or Internet.
Prohibiting payments from being applied first to a consumer's lowest interest rate balance.
Establishing standard definitions for terms such as "fixed rate" and "prime rate."
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