Later this week or earlier the next, the United States Senate will begin discussion over the controversial credit card legislation House bill sponsored by Rep. Carolyn Maloney.
The bill aims to limit fees and rate hikes of credit cards in an effort to protect debt laden consumers. The bill was first pushed and approved in the House of Representatives at the end of last month. Support for the bill in the House of Representatives was impressive, passing with a vote of 357 to 70. Furthermore,...
Consumers angry and frustrated by the tactics recently employed by credit card issuers can find some comfort knowing relief is on the way. Today the House voted 357 to 70 in support of the Credit Cardholders' Bill of Rights. Lawmakers are in favor of legislation which protects credit card users from sudden hikes in interest rates, hidden fees and unfair billing practices.
The House adopted a series of amendments before passing the bill. One amendment would require credit card issuers to warn...
President Obama has advised credit card companies that as President, he would be supporting stricter regulations on the credit card industry and its practices. Coming up in July 2010, tougher regulations on deceptive practices by credit card companies will go into effect. Consumer felt some relief but the credit card executives began to whine.
While many credit card companies are hard at work, raising customer's interest rates at the drop of a hat or cutting credit from loyal, good-credit...