A government push to protect consumers from the high interest rates that credit card firms are sure to enact over the holiday season has failed. Still, there are tough rules that are set to go into effect early in the new year. These were brought about by the president and prohibits the companies from raising the interest rates on some cards with a fixed rate unless the cardholder is two months behind in their payments.
The date for these new laws to be passed was to be moved ahead but the obstacle came in the Senate. It seems that the Republicans blocked the bill.
“The holiday season is upon us. Hard-pressed Americans want go out and do what what they can to help their families and celebrate, in a very difficult time, some joy … by taking a credit card out and making those purchases,”Sen. Chris Dodd, D-Conn said from the house floor. “They’re watching … an industry continue to skyrocket these rates and fees on people.”
Dodd is the politician who has been credited with the bill to freeze the rates and according to a spokesperson from his office, he has not given up on the bill.