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Senator moves to impose immediate freeze on credit card interest rates

Posted October 26th, 2009 by Mike Scott

Back when Congress passed the Credit Card Act, it instituted a delay to implementation to allow the credit card companies time to make adjustments to their billing systems and generally adjust for the coming changes.

Rather than take steps to begin implementing those changes, the credit card companies decided to take their remaining time and start raising every rate and fee they had plus introduced new fees all while cutting consumer spending limits ensuring further economic difficulties. Senator Dodd has apparently seen enough.

Though not long ago Senator Dodd was seen as a strong advocate for the financial industry which included a very favorable loan from former Countrywide Financial Corp. He has taken to championing the consumer financial cause (he is up for reelection next year after all).

Dodd has proposed an immediate freeze on credit-card interest rates. Whether Congress will act and put this freeze into place is anyone's guess.

At this point at least the appearance that Congress is not going to continue to allow the financial Industry to do whatever it wants at the expense of consumers is at least refreshing.

Filed Under
Money & Privacy Banking, Finance, & Credit Cards -
Tags: Congress - credit card - financial - interest rates - senator -
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