10.27.09
By Lewis Green
The government recently enacted a law that would further regulate credit cards, though many lenders have tried to increase fees and interest rates before the new rules actually take effect.
However, Connecticut Democratic Senator Chris Dodd is working on stopping increases on fees and rates associated with
credit card debt until the rules in the
Credit Card Accountability, Responsibility and Disclosure Act take full effect. Dodd said that legislators worked "long and hard" in order to develop new rules for credit cards through the act.
"But as soon as it was signed into law, credit card companies were looking for ways to get around the protections this Congress and the American people demanded," Dodd said.
Recently, the House Financial Service Committee approved a bill that would speed up the effective date for rules provided by the Credit CARD Act. If Congress passes the bill, the rule changes would take place on December 1 of this year rather than February 22 of 2010. Federal Reserve Chairman Ben Bernanke has advised against changing the date, as it might not afford card companies enough time to prepare for the new regulations.
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