Thursday, September 17, 2009
According to news reports, House Financial Services Chairman Barney Frank is considering legislation to move up the effective date for new legislation limiting credit card rates and fees by three months to December 1, 2009. The Credit CARD Act, signed by President Obama in May, is scheduled to take effect in February, 2010.
Pam Banks, senior policy counsel for Consumers Union, made the following statement:
“Once again, consumers are footing the bill for greedy credit card companies who are trying one last attempt to turn a profit. While relief is in sight for consumers who are struggling with credit card debt, many people with good credit have seen their rates double—even triple—as credit card companies try to sneak in one last rate hike before the new rules take effect. We applaud House Financial Services Chairman Barney Frank’s willingness to stand up for consumers and hard working families who have been caught in the crossfire.”
Consumers Union, publisher of Consumer Reports magazine, is an independent, nonprofit testing and information organization serving the consumer. We are a comprehensive source of unbiased advice about products and services, personal finance, health, nutrition, and other consumer concerns. Since 1936, our mission has been to test products, inform the public, and protect consumers.
Consumers Union, publisher of Consumer Reports magazine, is an independent, nonprofit testing and information organization serving the consumer. We are a comprehensive source of unbiased advice about products and services, personal finance, health, nutrition, and other consumer concerns. Since 1936, our mission has been to test products, inform the public, and protect consumers.
Contact:
Kristina Edmunson or David Butler, 202-462-6262