Sorry kids, credit card rates still stand. At least for now.
Efforts by the congress to enact rules to protect credit card holders couldn’t push through to help consumers with their holiday shopping.
These rules, which are already going to take effect in February 22 of 2010, were enacted by President Obama in May this year. They “prohibit banks from hiking interest rates in existing balances of fixed cards.” Interest rates may rise only if the cardholder is two months late in paying his dues.
The House and Senate, sponsored by Rep. Carolyn Maloney, D-N.Y., proposed to move the effective date to Dec 1 or at least freeze the rates until the law is already in effect, but nothing has been done even while the Senated has recessed until Nov. 30.
