We have continued to cover the pending credit card company smackdown. The new rules, if they go into effect, will prohibit banks from raising the interest rates on pre-existing credit card balances unless a payment is over 30 days past due.
Rep. Carolyn Maloney told her story for the fight against credit card companies. "From the floors of Congress to the people in my district, everyone has a credit card horror story," says Maloney. Such stories helped make this New York Democrat the sworn enemy of arbitrary interest rate hikes, excessive fees, misleading terms, and other shenanigans.
Now President Obama will be attending a meeting of administration officials and credit card company executives. President Obama is expected to press CEOs to adopt practices designed to protect credit card holders.
Stay tuned as legislation continues to get pushed through before the originally passed July 2010 deadline.
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