In the House Committee
g into a handful of credit card practices. She recently introduced The Credit Cardholders’ Bill of Rights Act. The key provision in the bill is a plan to allow consumers to opt-out of any interest rate increase within 45 days, and pay off the balance at the existing rate. Currently, 9 of the top 10 cardholder agreements allow the credit card company to change the rate and terms “at any time, for any reason.” The opt-out plan is an excellent compromise between consumers and the industry.
There’s a good writeup of the hearing at U.S. News and World Report.
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