U.S. House panel agrees on new rules for credit cards
August 1, 2008 | alternatives, regulation | Comments (0)Still more action in the Congress to get the system of credit card billing and overdraft charges under control. CNN reports:
The House Financial Services Committee voted 39-27 in favor of legislation that would prohibit or restrict practices such as interest rate increases on the existing balance of a cardholder who has been making on-time payments on their account.
Rep. Carolyn Maloney, D-N.Y., the sponsor of the legislation, cited “due-date gimmicks, penalty fees,” and multiple over-the-limit charges for a single overdraft violation.
“Without legislation, lucrative abusive practices will continue,” Maloney said during the panel’s debate on the legislation.
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