Credit Cards, Sudden Rate Increases | featured news

In 361-64 vote, House gives final approval to legislation, ensuring that Obama will be able to sign the bill into law by Memorial Day.

Unable to stop the tide of foreclosures and job losses, lawmakers are hoping to give voters at least some breathing room in the ...

In his weekly radio address, the president said Americans “have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all too common to our credit card industry.”.

The U.S. Federal Reserve rejected a request to force credit card companies to immediately halt retroactive interest-rate increases on existing balances, Democratic Senator Charles Schumer said on Tuesday.

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.