Putting a Stop to Abusive Credit Card Companies

Federal bank regulators have proposed a new set of rules for credit card companies in May, and hope to have something in the books by the end of the year. Until recently credit card companies have had free rein over their practices as they have engaged in abusive practices.

Under the new proposal the credit card companies would have to allow their consumers more time to make their payments, and would be given a limit on interest rates. The banks are adamantly against the proposed act, and have said they will campaign vigorously against the proposal. The Federal Reserve has stated that their goal is to allow consumers to be free of predatory practices. Hopefully this will be set in place before it’s too late.