Credit Card Legislation Nearing Success

Legislation to rein in credit card practices and eliminate sudden rate hikes and late fees that have entangled millions of American consumers is getting closer to becoming law, bolstered by presidential pressure and the backdrop of economic calamity.

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  • Health warning timely
    The legislation, which is yet to be passed, would require lenders to allocate repayments to higher-interest card debt first ... would have a duty to notify such customers that they are nearing their limit. As for the minimum repayment warning, Cox says ...
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  • Congress’ Credit Limit
    consumer groups charge that the legislation is riddled with loopholes for heavyweight banks. Credit card debt in the United States now totals more than $960 billion, with default rates nearing 10 percent for some lenders. Many of the biggest credit card ...
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  • Congress Nears Completion of 'Bill of Rights' for Credit Card Owners
    Congress is nearing completion ... that propelled the legislation to the Senate floor. Support from both sides of the political spectrum is perhaps a symptom of the frustration lawmakers feel in their districts from voters toward credit card companies.
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