Payday Pundit » Credit cards payday pundit http://paydaypundit.org News and Information About The Payday Lending Industry Wed, 16 Jun 2010 11:24:02 +0000 http://wordpress.org/?v=2.9 en hourly 1 Given the climate, we think this will pass http://paydaypundit.org/2008/09/29/given-the-climate-we-think-this-will-pass/ http://paydaypundit.org/2008/09/29/given-the-climate-we-think-this-will-pass/#comments Mon, 29 Sep 2008 20:16:46 +0000 Payday Pundit http://paydaypundit.org/?p=1557 We’re talking about the Credit Cardholders Bill of Rights, which got through he House recently and is awating a vote in the Senate..  Among other things it will:

-Prohibit credit-card companies from charging consumers penalty interest rates (a hiked up rate for other, non credit-card debts).
-Changing interest rates whenever and however they want.
-Changing interest rates retroactively.
-Limitations on two-cycle billing. Credit Slips gives an example: “In month one you charge $600 and pay it off in full at the end of the month. In month two, you charge $500 and pay off $400. Interest accrues as if on a balance of $700, even though you only owe $100.”
-Limitations on multiple overdraft fees.

Good start.

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