Need Cash Pay Bills - Agencies propose credit card reforms - Baltimore Sun
The Federal Reserve and two other agencies proposed yesterday sweeping new regulations to stop “unfair or deceptive” practices in the credit card industry, giving consumers struggling with debt their most significant new protections in decades. The proposed rules would require credit card companies to give people at least 21 days to pay bills without incurring late fees and stop banks from arbitrarily raising interest rates on existing balances, among other things. Travis Plunkett, legislative director for the Consumers Federation, noted that many banks will boost the interest rate if they learn a customer’s credit score has fallen, or if they missed payments to another, unrelated lender. Richard Davis, formerly of Severna Park , said he was stunned when his bank tripled the interest rate on his credit card last fall to 24 percent, claiming that it had “negative information” about his credit rating. Learn more
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