Bill Aims to Soften Credit Card Rate Shocks

Publication: The Miami Herald

Author: David Lightman


05/20/2009 - The Senate passed legislation Tuesday to protect credit card holders from sudden interest rate increases, but consumer groups and card issuers warned that people are still likely to face obstacles in getting and maintaining credit.

The Senate vote was 90-5. The House of Representatives is expected to approve the bill overwhelmingly, probably Wednesday, and it then will go to President Barack Obama, who has pushed hard for the legislation.

...

Consumer groups voiced similar thoughts. ''The biggest change is that the contract between the consumer and the companies will become stronger,'' said Nick Bourke, the manager of the Pew Safe Credit Cards Project, which provides education and advocacy for consumers on credit matters.

Read the full article Bill Aims to Soften Credit Card Rate Shocks on The Miami Herald's Web site.

Pew is no longer active in this line of work, but for more information visit the Safe Credit Cards Project on PewHealth.org.

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