Credit cards hike rates before new laws

November 5, 2009 6:12:50 PM PST
It is time to get out your credit card bill and read it.

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A new report shows 99.7 percent of the credit card companies have raised their credit card rates since December. The average credit card's interest rate is now 20 percent higher.

This is the reason the House of Representatives just passed a bill rushing the implementation of the new credit card rules. Banks had been given until February to comply, but Congress says the companies have been using that time to gouge consumers.

"Use this time, not for the new systems, but to get under the wire to implement quickly new outrageous increases on consumers," says Rep. Carolyn Maloney, D-New York.

You may remember the new credit card reforms will prevent arbitrary rate hikes and restrict fees. The new updated timeline still must be approved by the Senate and signed into law by the president.

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