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Attempt to freeze credit card rates, fees killed

Senate Republicans killed an attempt yesterday to freeze credit card rates and fees until stricter regulations take effect in February. Colorado Democratic Sen. Mark Udall, a sponsor of the bill, said the last thing families need are higher interest rates and extra fees, but Republican Sen. Thad Cochran from Mississippi objected on behalf of fellow… Continue Reading Attempt to freeze credit card rates, fees killed

Credit Card Act provisions take effect today

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Two provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 take effect today. Creditors must now provide written notice 45 days prior to the effective date of: (1) any increase in an annual percentage rate; and (2) any significant change, as determined by rule of the Federal Reserve Board, in the terms of the… Continue Reading Credit Card Act provisions take effect today

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