Credit Card News

Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Legal » New bill to cap credit card interest rates

New bill to cap credit card interest rates

By
Add to Favorites:
New bill to cap credit card interest rates

The Renewing America’s Commitment to Consumers Act is being authored primarily by Slaughter and Tierney with the objective of assisting American consumers who have been fighting credit card mal practices for many years. The Credit Card Accountability, Responsibility and Disclosure Act (CARD Act) that was implemented in 2009 has yielded many positive results. However, despite the implementation of this act many credit card lenders still charge interest rates as high as 36 percent.


Congressman Tierney speaking about the need for this new legislation said that these trying economic times have put tremendous financial pressure on innumerable American families that are forced to make some difficult choices to ensure they stay afloat. Expenses such as utility bills, medical bills and grocery bills are constantly trending northwards making it tougher for most families to make ends meet. With this being the condition, instead of helping consumers, credit card companies are consistently increasing the interest rates on credit cards. This increase just adds to the financial woes by increasing the outstanding dues on credit cards. The legislation that is currently being drafted focuses on easing this problem by capping the interest rates on credit cards at a certain level.


Louise Slaughter, the co-author of this legislation, said that it is time to take the right measures to assist people who are working hard at reducing their credit card debt, but are unable to do so because of the consistently increasing rates. She also said that it is time for the government to prioritize the needs of middle class consumers as compared to credit card issuers and banks.


The authors of this legislation said that this act, when brought into implementation, will put an end to credit card practices that have been in existence since centuries. The Congress is yet to review this legislation though it is going to be beneficial to a large chunk of customers who are reeling under huge debts.


The legislation drafted by Tierney and Slaughter is simple and straightforward and focuses on providing the resolution to one major problem: cap on the increasing credit card interest rates.

Add to Favorites:

Related News:

New Travel Rewards From MasterCard

By Dar Dowling, Posted: February 17, 2017

MasterCard is rolling out new travel benefits and rewards for MasterCard Platinum, World and World Elite credit cardholders in the Asia Pacific. Continue reading
Hilton Honors Upgrades Rewards

By Dar Dowling, Posted: February 16, 2017

Do you find yourself wishing for more rewards from Hilton Honors? If so, you are in luck. Continue reading
Americans Face Major Expenses

By Dar Dowling, Posted: February 15, 2017

If you have been hit with major expenses, whether they are medical, auto or tax-related, you are not alone, according to data released by JPMorgan Chase Institute. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Unlimited 1.5x rewards on every purchase, every day. For every $1 you spend, you earn 1.5x Miles.
For Excellent, Good Credit
Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
For Excellent, Good Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit