The intent of this legislation is to make credit card rules more transparent and easier to understand for card holders. Introduced to aid Americans swimming in credit card debt, and those that have fallen prey to unfair and undisclosed fees and interest payments, HR627 would help people better manage their credit.
Highlights of the measure:
- Limited interest rate hikes
- Extended monthy payment deadlines
- Limits on over-limit fees
- Lower sub-prime fees
Those in the credit card and banking industry opposed the bill, saying that it would result in credit cards becoming unattainable for lower-income individuals, and larger fees for current users.
Read the full article on creditcard.com by clicking here.
