Reforms for Credit Cards Go in Effect

Publication: Democrat and Chronicle

Author: Brian Tumulty


08/19/2009 - Although most credit card reforms approved by Congress this year won't take effect until February, a few provisions kick in Thursday — and consumers could start getting some relief from rising interest rates.

From December to July, the median rate charged by the nation's 400 top credit card issuers rose from 9.99 percent to 11.99 percent, even though the Federal Reserve was cutting what banks pay for overnight loans, according to the Pew Safe Credit Cards Project.

"Banks are choosing to charge their customers more even as the cost of money has gone down," said Pew's Eleni Constantine.

Read the full article Reforms for Credit Cards Go in Effect on the Democrat and Chronicle'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Pew is no longer active in this line of work, but for more information visit the Safe Credit Cards Project on PewHealth.org.

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