US House Budget Committee Chairman John Spratt has voted to move up the start date of the Credit Card Act. The congressman says he wants to protect consumers from some of the worst practices of credit card companies.
Spratt says credit card companies have taken advantage of the current implementation period between the Credit Card Act’s passage and the February start date to raise interest rates, minimum payments, and fees they charge consumers.
The Expedited Card Reform for Consumers Act moves up the effective date for these critical credit card reforms from February 22nd to immediately following the President’s signing of the bill.
The bill is aimed at bringing transparency and fairness to the credit card industry and providing customers with the information they need to make smart financial decisions.