One-fifth of people with credit card debt pay an interest rate above 20 percent, according to the the Government Accountability Office
That fact alone has led lawmakers to consider legislation that would impose tougher restrictions on credit card companies.The Credit Cardholders’ Bill of Rights would limit companies’ abilities to increase interest rates and use double-billing cycles. The bill also would require that companies notify consumers 45 days before an interest rate increase, and explain how the change will affect existing balances.
The measure will be debated in the Senate this week, where a stricter version inhibits the ability of card companies to raise rates on late-payers or those with shaky credit histories.
The following measures were included by request of the White House: