Freeze U.S. credit card rates, says Sen. Dodd

Reuters | Oct. 26, 2009 (News Report)

Senate Banking Committee Chairman Christopher Dodd said on Monday he was introducing legislation calling for a temporary freeze on credit card interest rates on existing balances. Full Story »

Posted by Chris Finnie

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Chris Finnie
2.4
 by Chris Finnie - Oct. 26, 2009

Not a very good story as it fails to note that most credit card companies have already hiked rates. So this is a pretty clear case of shutting the barn door after the horse is already out. Still, with that background information, I thought it so funny I had to post it.

One credit card that had promised me fixed interest for the life of my account raised that 2% already. Another that guaranteed 2.99% for the life of the balance transferred just raised it to 25.99%--without the 30-day notice the other card issuer said was required. So I suspect this is too little to late for most of us.

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