Capitol Hill Moves To Immediately Freeze Interest Rates
It looks as if things are really heating up between Capitol Hill and credit card issuers. Senator Christopher Dodd, chairman of the Banking Committee is now calling for an immediate freeze on interest rates for those credit card holders that carry a balance.
This is in response to growing frustration by both Congress and consumers. As we have widely reported here at www.bestcreditquote.com, credit card companies have been scrambling to raise interest rates and fees ahead of the credit card reform provisions taking full effect.
Dodd voiced his frustration by stating, “We worked long and hard to enact the safeguards included in the Credit CARD Act. And no sooner had it been signed into law, but credit card companies were looking for ways to get around the protections this Congress and the American people demanded.”
This comes on the heels of Congress wanting to move up the final provisions of the credit card reform legislation to December 1, 2009. Originally it wasn’t slated to go into effect until February of 2010.
Interestingly enough, Federal Reserve Chairman Ben Bernanke has actually advised Congress against moving up the implementation of the legislation. He feels as though the credit card companies need more time to prepare for how the new rules will affect their business models.
Related Information:
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