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Before a new credit card consumer protection bill takes effect in February, some credit card companies are taking advantage of the grace period.
Some are not, though. Discover and Bank of America are among a few of the card issuers who have decided to freeze interest-rate hikes — for now. But other companies are quickly upping interest rates and fees, and raising minimum payments before the bill becomes law. The reason: the risk of non-payment is too high, so card companies are compensating just in case you can’t pay your bill.
But don’t worry just yet… Congress doesn’t like it either. As more complaints pour in from angry card holders, members of Congress want to act fast and move the bill up to December.
Do you feel at-risk? Let us know in the comments. And check out The Beehive for a great section on credit cards, financial fixes, and more.
