Credit Cards: a break for borrowers

Source: USA Today editorial

Federal regulators are expected to do Thursday what they or Congress should have done years ago: rein in some of the credit card industry's most egregious practices. At the top of the list is the practice by many banks of hiking credit card interest rates on existing balances, "at any time, for any reason." That's what the law allows, and despite years of cries by consumers that increases on past balances are abusive, neither regulators nor lawmakers have listened. Until now. Last May, the Federal Reserve belatedly proposed the broadest pro-consumer changes in credit card regulation in decades. The banking industry, taken aback by this assault on what had been business-as-usual, lobbied to dilute the rules.

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