Credit card ruse – do you know who (credit card companies) contributes to political campaigns ?
Filed Under: Credit
Filed Under: Credit
Credit card rate hikes reviewed, penalty fees crimped
Most credit card penalties will be limited to $25, and fees for customers who don’t use their cards will be eliminated under rules released Tuesday by the Federal Reserve.
The Fed also ordered a review of all credit card interest rate hikes imposed since January 2009, including most of the record increases that came in the wake of a nationwide cutback on credit.
The rules, which implement a final set of changes that Congress passed in May 2009, take effect Aug. 22.
“The Federal Reserve’s guidelines issued today are great news for consumers,” said Rep. Carolyn Maloney, D-N.Y., one of the authors of the credit card laws.
READ the article: CNN Money.com 6/15/2010
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