Overwhelming response
December 19, 2008 | LA Times, alternatives, industry, personal finance | Comments (0)The Fed announcement of new credit card rules was covered in more than 1,000 newspapers. The Los Angeles Times piece is typical:
Responding to rising consumer complaints, federal regulators Thursday adopted the most sweeping new rules for the credit card industry in three decades, including tougher restrictions on interest rate hikes and late fees.The regulations, which take effect in July 2010, would block card companies from applying higher interest rates on existing balances. Late fees could not be charged without giving consumers at least 21 days to make a payment.
America’s love-hate relationship with credit cards will go on forever.
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