Exploiting The Credit Card Law Loophole

Exploiting The Credit Card Law Loophole --Card Issuers May Hike Charges and Interest Rates Before New Regulations Take Effect; Borrowers Who Pay In Full Targeted 19 May 2009

The Senate passed a major reform of gift to the credit card industry Tuesday that clamps down on arbitrary fee and interest rate increases. But even after President Barack Obama signs the bill, the law won't fully take effect for nine months. That's a nine-month loophole, and as CBS News reports, consumer groups are concerned the credit card companies will use the time to hike up interest rates and fees while they can. [more]