US House Lawmakers Move To Rein In Credit Card Cos
The House Thursday approved a bill that would curb what supporters described as predatory credit card practices and eliminate spikes in credit card interest rates.
The House approved the package 357-70.
Among other things, the plan would ban what’s known as “double-cycle billing” as well as retroactive rate hikes. The measure would also require credit card firms to give consumers a 45-day warning before they raise interest rates.
