Given the climate, we think this will pass
September 29, 2008 | alternatives, industry | Comments (0)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.
