Credit card rates “would be immediately frozen under new legislation introduced Monday by Senate Banking Committee Chairman Chris Dodd (D-Conn.),” The Hill reports.
Dodd will introduce the bill in response to concerns that the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, enacted earlier this year, has done little to block credit cards from raising interest rates before the remaining provisions of the CARD Act go into effect.
“We worked long and hard to enact the safeguards included in the Credit CARD Act,” Dodd said in a statement. “And no sooner had it been signed into law, but credit card companies were looking for ways to get around the protections this Congress and the American people demanded. This bill would end those abuses and further protect customers today.”
“At a time when families are struggling to make ends meet, jacked up rates can quickly create crushing debt," Dodd added. "People need to be responsible with their money, but they shouldn’t be taken to the cleaners by outrageous rates.”
(credit image – getty)
Congress in Your Pocket
Thank You Mr. Dodd…something needs to stop them.
I got messy wit hmy burden of credit card debt. Could you give me some advice for beat it. Thank you