credit card bill: Credit Card Bill passes the Senate
- 05/19/09 08:56 AM
Credit Card Bill passes the Senate The new credit card bill passed the Senate today by a margin of 90-5. The bill contains a provision to limit the practice known as "universal default rate". The universal default rate is a practice whereby a credit card company would increase your interest rate (usually very high) for being late on either that card or ANY OTHER debt you have. Under the new bill the credit card companies would not be able to raise your rates until you are 60 days past due and even then they would have to restore the lower rate (8 comments)