Banks across the country having been raising interest rates on credit cards ahead of new federal regulations that go into affect in February. Fifty percent of Americans have had their credit card interest rate increased in the past six months, according to a Rasmussen report.
‘ Advertised introductory credit card rates are also increasing. A report by the Pew Health Group’s Safe Credit Cards Project found that advertised credit card interest rates rose an average of 20 percent in the first two quarters of 2009.
‘ ‘Since passage of the Credit CARD Act, we found that credit card issuers have done little to remove practices deemed unfair or deceptive by the Federal Reserve,’ said Shelley Hearne, managing director of the Pew Health Group Managing Director, which conducted the study. ‘In fact, some of the most harmful practices have actually grown more widespread.’
‘ The Credit Card Responsibility and Disclosure Act was signed into law by President Barack Obama on May 22. It places limits on how much credit cards can raise interest rates. Senator Bernard Sanders, I-Vermont, offered a bill in May that would have capped most credit-card interest rates at 15 percent that was defeated.
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