Republicans Block “Credit Card Rate Freeze Act”
Posted on November 19, 2009
Filed Under Politics | Comments Off
So if I remember right the entire purpose of the previous Credit Card act was to stop this from happening for no apparent reason, the legislation doesn’t go into effect until February but credit card companies have decided to use this time to hike rates and drop customers instead of “time to change systems”. Chris Dodd is furious, not only did he get burned by the credit card companies (although I would blame him for trusting them) they’ve decided to do this right before Christmas. My co-worker just got his rate changed on his card to 30%, and was given no reason, he’s lucky he doesn’t carry a balance (as they have been doing it to people with balances). When you sign up for that card and expect certain things the company shouldn’t be able to change the rules of the road in the middle of the transaction, and republicans are blocking this legislation even though they overwhelmingly supported the previous credit card reform. Ouch, democrat fail.
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