26 September 2008

House of Representatives Passed New Credit Card Regulations

It's some fairly minor stuff, but it's a start, though I doubt that it will make it past the Senate, though considering that the distinguished gentleman from MBNA Delaware is otherwise occupied, it's possible.

Basic provisions:
  • requires a notice period for interest rate increases
  • prohibits interest charges on balances paid during grace periods
  • bars issuers from applying payments first to lower-interest debt while debt carrying a higher interest rate remains unpaid.

0 comments :

Post a Comment