House votes to accelerate credit card reform rules

As a credit card holder and user I think this should have been done at the time this bill was signed. The interest rate should have been frozen at the time lenders were notified of the passing of this bill. It seems it would be illegal to raise the interest on any paying customer, as it is much like "price gouging". These credit card lenders have been changing to higher interest rates even on the people who have never made a late payment. Is this the way to treat your paying customers? I think not! More people will be declaring bankruptcy to get out of paying their credit card debts. After all who wants to pay $400 or more for an item that sells for $80. Don't they realize there are other lenders who charge less interest on a loan? Seems as if these credit card lenders have become "Loan Sharks".

"Lawmakers say that many credit card companies have used the grace period to increase rates. According to a recent Pew study, even the lowest interest rates offered on most bank cards have jumped by more than 20% since last year.

"The same companies that were in my office that claimed they needed months at least to make changes to their systems, apparently only needed, in some cases, days to find ways to raise interest rates and decrease credit limits on customers across the country," said Rep. Dan Maffei, a New York Democrat.

Read more here: House Credit Card Reform Rules