Reuters: U.S. senator predicts swift action on credit cards
By Chad on Feb 17, 2009 in General
WASHINGTON, Feb 12 (Reuters) – Credit card practices considered unfair to consumers, such as sudden rate increases, will disappear sooner than a 18-month implementation period set by regulators, Sen. Christopher Dodd predicted on Thursday.
“Consumers are trapped in a business model that is designed to induce mistakes and jack up fees,” Schumer said.
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