President Obama’s Credit CARD Act goes into effect February 2010. Ahead of new rules that would restrict how and when these companies can raise interest rates and charge fees, credit card companies are inexplicably raising rates on current card holders.
Several representatives are calling these actions “troubling” and urging credit card companies to cease their hikes, and trying to enact the legislation sooner.
Source:
CNN: Betsy Markey Urges Credit Card Companies To Halt Rate Hikes
