The Senate defeated legislation in May that was introduced by Senator Bernard Sanders to cap most credit- card interest rates at 15%. Consumer groups are saying the interest rates have worsened since that failed vote, banks are trying to boost rates up to 30% in advance of the new rule, to take effect in February 2010, requiring banks to give consumers 45 days notice of a rate increase. Sanders plans to reintroduce his proposal to cap rates at 15% and predicts having more Senate support this second time around.
Consumers are disgusted with the credit card companies as the government just bailed them out with consumer money and is now charging the consumer again with the higher interest rates. Consumers are getting hit on both sides by the credit card companies. Is this fair to the hard working American trying to make ends meet? I think not!
Give us a call at 866-364-9161 today and let SYD Financial work for you against the credit card companies
Tags: Consumers, Credit Cards., senate, SYD Financial