Sun, 11 Oct 2009

Some credit card firms in rush before new law

Chutzpah has a new definition...

If you hold a Discover credit card, you're in luck -- the company has decided to freeze interest-rate hikes until a new credit card consumer protection bill takes effect in February.

Bank of America was the first company to freeze its rates. Both moves come after outrage over credit card companies jacking up rates, increasing minimum payments and raising penalty fees before the new consumer protection law -- which would bar sudden increases -- is phased in.

(link) [CNN.com]

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