New Law Coming Regarding Credit Card Rate Hikes Informative - New Guidelines - No Arbitrary Increases On Existing Balances
From what I'm hearing, it appears the credit card lenders will finally have to cease the practice of hiking credit card interest rates on account balance holders. Future purchases or new cards can have term modifications, but no longer will card companies be able to recoup losses from bad debtors by slamming their good payers.
We've been seeing complaints here daily about major lenders doing this to consumers. I've never thought it was fair or ethical to change someone's rate to a sky high plateau after they used the card at an agreed lower rate.
Some other changes also would be eliminating double billing cycles and having larger grace periods before being considered late.
This is a law that is a long time coming.