BofA Will Not Increase Rates

The financial crisis and increased concern about predatory lending practices has led the Obama administration to try to curb these practices that benefit the lender over the consumer. Because of this initiative, the government will begin to place restrictions on the amount of freedom that banks will have in changing credit card interest rates, a restriction that will begin in February.
Bank of America has decided that it will not raise any credit card interest rates until then, as several banks have already done. However, Bank of America still maintains that it will adjust credit card rates accordingly if a cardholder …read more