GOP Blocks Freeze On Credit Card Interest Rate Hikes

Senate Republicans blocked a Democratic effort Wednesday to immediately freeze increases in credit card interest rates, fees and finance charges.

Shortly after Democrats passed credit card reform legislation in May, the card companies began jacking up rates in advance of its implementation. Major parts of the act won't take effect until February and August of 2010.

Earlier this month, to combat the rate hikes, the House passed legislation ... Full Story »