Current set of laws governing credit cards might remain unchanged for few days since the House moved to alter the actual date of the Credit Card Accountability, Responsibility and Disclosure Act.

Initially rules and laws presented by Credit Card Act were supposed to be announced in the coming year but representatives voted to change the date. As soon as bill passes and the Senate President Barack Obama includes his name in the legislation, rules from the Credit Card would come into action.

According to Nancy Pelosi, the house speaker, the effective dates are to be proposed to provide companies offering credit cards specific time to plan and prepare themselves for the new rules. Furthermore, few companies have further increased interest rates and fee in anticipation to the Credit CARD Act, which derived the House to action.

From January, 2009, few of the laws that would immediately come into practice consist of stopping uninformed increases for interest rates and fees linked with credit card debt. In addition, companies would have to reevaluate accounts that have seen rates or fees rise would be required to reverse those increases.

Connecticut Democratic Senator, Chris Dodd has come up with a new law that would put a freeze on rate and fee increases till the date is not announced.

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