Risks

Even in this difficult time, credit card companies have been seen increasing interest rates on unwary customers throughout the country. Moreover, there is no limit to the rise in rates, as some customers have even had there rates doubled.

Earlier this year, when the Congress passed the legislation to protect consumers against unfair practices, many banks started making changes to their credit card terms. This was done because once the law is enforced; it will prohibit banks from increasing interest rates unexpectedly on existing balances unless the debtor is more than 60 days behind on payments.

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Tagged as: Banks, bill, congress, credit, credit card, customers, deadline, economy, federal legislation, house, industry, interest rate, law, new law, payment, Risks, senate

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