Dodd calls for credit card rate freeze
October 27, 2009 | alternatives, federal legislation, industry | Comments (0)From the article:
Senate Banking Committee chairman Chris Dodd on Monday announced plans to introduce a bill to immediately freeze credit card interest rates on existing balances.
In May, Congress passed The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, which outlaws arbitrary increases in interest rates, fees or finance charges. But Dodd argues the new bill is needed because credit card companies have been “jacking up” interest rates in “a last ditch effort to squeeze customers” before the Credit CARD Act goes fully into effect next February.
I’m guessing banking lobbyists have the clout to beat this back.
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