Consumer advocates have praised Congress for its swift passage of the credit card reform bill currently awaiting the president's signature. The bill will limit the ability of credit card companies to gouge customers. And it will force companies to put their contracts in "plain English," as many have said.
Ready access to credit, coupled with teaser interest rates, generous reward programs, grace periods and the absence of annual fees enticed many Americans to rely on credit cards for even the smallest purchases.
That's not exactly a phrase many people are sending toward our elected representatives these days. But it's an appropriate sentiment after the Senate and House overwhelmingly approved new rules on the credit card industry.
The new limits are predicted to have a big effect President Barack Obama has signed into law extensive new restrictions on the ability of US credit card companies to charge fees or raise interest rates.
WASHINGTON – New rules for the credit card industry that are designed to protect consumers from surprise charges, such as over-the-limit fees and costs for paying a bill by phone.
WASHINGTON -- Legislation limiting credit card companies' ability to raise rates on existing balances and requiring 45 days' notice for rate hikes is about to become law.
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