Newest Bill to Stop Increasing Credit Card Interest Rates

In what seems like the leadership many U.S. consumers are looking to see, it seems that some in Washington have seen enough of the dramatic changes credit card issuers have implemented on their cardholders. According an a recent article entitled "Senate Bill Moves to Freeze Credit Card Rates", Senate Banking Committee Chairman Chris Dodd introduced a bill aiming to stop credit card interest rates from rising on existing balances this past Monday.

So why draw up a new bill while another bill has already been voted on? According to his office, it is because he and some of his fellow Congressmen believe that credit card issuers have been getting around the protections that Congress set up for the American people.

While this bill is different from a recent one voted on, which calls for the implementation date of the Credit CARD Act to be moved to December. Some experts wonder if this newest bill is simply too little too late. This is because now that millions of Americans have already had their interest rates increased to record high numbers, this could just cause issuers to move or increase fees elsewhere. So as with all the other changes, we will have to see if this actually passes and if so; whether it will actually help the American cardholder.