New Rules Limit When Credit Card Companies Can Make Interest Rate Changes
New Rules Limit When Credit Card Companies Can Make Interest Rate Changes Save Email Print
Posted: 11:36 AM Dec 18, 2008
 Last Updated: 11:36 AM Dec 18, 2008
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Federal regulators adopted new rules to limit when credit card companies can make changes to interest rates.

The changes require credit card companies to give 45 days notice before any changes are made to the terms of accounts. Current rules show that companies can give as little as 15 days notice. The new rules are scheduled to take effect in July of 2010.
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Posted by: Sailingwindward Location: Florida on Dec 18, 2008 at 07:09 PM
When you have lawmakers like Texas-R Congressman Jeb Hensarling being a cheerleader for the credit card companies and saying it's OK for them to raise the rate from 5% to 30 percent on customers, and passing laws that make it impossible for average people to get out from under this kind of debt, I doubt it very much if these new rules help anyone. Leaders like JEB HENSARLING who take bribes in the form of campaign funds and then write laws to favor the credit card companies is what's wrong with our government today, this guy and all the others like him need a rail, tar and feathers.
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