Bank of America to Halt Credit Card Interest Rate Increases
| October 7, 2009 |
It seems that all you hear in the news is a credit card issuer changing some aspect for the negative on their cardholders’ accounts. In fact, since the signing of the CARD Act by President Obama it would seem that card issuers are out to get every consumer no matter their financial standing with the bank. Recently Bank of America wanted to put an end to that notion, and promised to not increase credit card interest rates or fees before the CARD Act is fully implemented.
Many experts believe that this move by Bank of America will cause a chain reaction and also believe that consumers should see more issuers following suit. The catch. They will follow suit only because lawmakers have recently introduced legislation to move up the date the CARD Act is fully implemented. The new date proposed for the law to take effect is at the beginning of January 2010.
For many Americans, this promise to not increase interest rates is just the case of too little too late. The reason is because millions of Americans have already had their interest rates doubled and some even tripled within the last couple of months. Most of which, have never made been late on a payment, pay well above the minimum payments and have never been close to credit limit.
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