Associated Press writer Marcy Gordon has written an article about the House passing Obama’s proposed credit card bill. The bill seeks to protect consumers by demanding 45 days of notice before an increase in interest. If made into law, this would take effect in 90 days.
Some other parts of the bill wouldn’t take effect until next year, such as:
The measure would prohibit so-called double-cycle billing and retroactive rate hikes and would prevent companies from giving credit cards to anyone under 18.
The White House released a statement saying that the credit card industry needs more accountability and effective enforcement against violations and consumers need protection from “abusive fees and penalties.”
If you have had problems with sudden raises in interest rates or other credit card issues, feel free to contact us.
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