TAMPA, FL -- Lawmakers in Washington D.C. are speeding up credit card reform. The new rules regulating credit cards companies could take effect sooner than planned.
Wednesday the House voted to have the new laws kick off December 1 instead of February. Lawmakers say the move comes just in time for the holidays when consumers may rely on credit cards.
If it passes, of December 1, banks will no longer be able to raise interest rates on existing balances.
Last spring, Congress passed legislation, but lawmakers say lenders have been abusing the grace period by raising interest rates before the new law goes into effect.
