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Released: July 08, 2009
Credit card firms try end run around new federal rules
Source: David Lazarus, Los Angeles Times (Free Registration)
Banks are quietly changing the terms of millions of credit card accounts as they brace for a tough new law that will limit rate hikes. The law would restrict interest rate increases unless a credit card has a variable rate. So at least two major lenders are switching their cards with fixed rates to -- you guessed it -- variable rates. "It's completely unfair," said Linda Sherry, a spokeswoman for Consumer Action. "It's an end run around the intent of the new law." That law is the Credit Card Accountability, Responsibility and Disclosure Act, which President Obama affixed with his signature in May. Its various provisions will be phased in between next month and February.Read Full Article: Credit card firms try end run around new federal rules
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