Protections offered by the Credit CARD Act of 2009, which demanded more transparency and established tighter rules for credit card companies, have left some loopholes that expose users to potential exploitation. Credit card-offering banks, which rarely miss an opportunities to use credit to manipulate customers, are taking advantage of the law’s shortcomings.
Today, Reps. Barney Frank and Carolyn Maloney are going to request that the implementation date for the rest of the Credit Card Act‘s rules be moved to December 1st of this year instead of February 2010, after seeing companies “jacking up their rates and doing other things to their customers in advance of the effective date” all summer, reports Mary Pilon at The Wall Street Journal.
The House is expected to pass the Credit Cardholders’ Bill of Rights Act today, and the Senate is considering similar legislation. The Senate battle will be harder, but you can help!
The Credit Cardholders’ Bill of Rights is back in the news, and with Congress considering the legislation, we offer a refresher on what’s in this bill and why it’s important.