Credit Card Blog

Amendments To Targeting Credit Card Industry

As the Senate powers over lots of offered changes to the Democrats’ financial regulatory legislation, lawmakers have offered at least 3 amendments designed to protect consumers and businesses from high credit card interest rates and fees.

The efforts to restrict credit card companies are coming mostly from liberal Democrats. And while the alters are likely to have popular appeal with consumers, their prospects are uncertain given that Congress approved a bill rewriting the principles of the credit card industry not even a year ago.

The proposal with perhaps the best chances of being included in the financial regulatory bill, would restore states’ ability to implement interest rate caps on out-of-state companies lending to their residents.

The amendment, sponsored by Senator Sheldon Whitehouse, Democrat of Rhode Island, and Senator Thad Cochran, Republican of Mississippi, would close a loophole created in 1978 when the Supreme Court ruled that the laws of a bank’s home state govern transactions across state lines, Mr. Whitehouse said. Read more

And for credit card tips of this week you can red about it here with the title Credit Card Tip Of The Week: Pay Off That Balance, Then Worry About Investing so hopefully the tips will help people pay their credit cards bill faster. And then starting to think about investing your money.