Schumer: Credit Card Laws Urgently Needed

Senator Charles Schumer stated today that he believes that federal credit card legislation set to become law in 2010 should be enacted earlier in order to prevent credit card companies from raising their rates in the present. The senator cited a Pew Charitable Trusts study that found that credit cards companies raised their rates by 20 percent in the first half of 2009 while federal interest rates dropped.
Schumer has accused credit card companies of using the period of time before the new laws are enacted to gouge consumers with the same practices that will be banned in 2010 when the …read more