Regulators Look to Rein in Credit Cards


	Regulators Look to Rein in Credit Cards

Tom Van Riper

5-2-2008 11:26 AM

1232 views

Tom Van Riper says:

So it goes. As credit tightens and consumers get squeezed, politicians look to step in. The latest: new proposed regulations on credit card interest.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/92702785-cd8b-4931-897c-8de85ee7ab9c/76289388-A18F-4A02-B935-846852AA45C1/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.latimes.com/business/la-fi-credit2-2008may02,0,5570449.story" href="http://www.latimes.com/business/la-fi-credit2-2008may02,0,5570449.story" style="font-size: 11px;">www.latimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.latimes.com/business/la-fi-credit2-2008may02,0,5570449.story"><DIV>
Credit card companies would be barred from some retroactive interest rate hikes and other "unfair and deceptive" practices that cost consumers billions of dollars each year under a proposal by federal regulators Thursday. </DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.latimes.com/business/la-fi-credit2-2008may02,0,5570449.story"><DIV>
Federal regulators said they drafted the measures in response to a wide range of public complaints on credit card fees and practices. Susan Wones of Denver, for instance, testified at a recent congressional hearing that the interest rate on her credit card had soared because the issuer decided her credit card balances were too high.  She said she had never been late with a payment  or gone over her credit limit, but she was forced to pay an interest rate of 24.99%.</DIV></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/76289388-A18F-4A02-B935-846852AA45C1/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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