The House Financial Services Committee has passed legislation that will push up the start date of the credit card law from February 22nd to December 1st, reports The New York Times. The credit card law is an attempt to regulate the fees charged and other practices implemented by credit card companies (let’s not call them banks) that some may label as unfair and predatory.
The credit card companies say that the recent activity of raising interest rates has nothing to do with the impending implementation of the credit card law. Yeah, right.