Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Congressman Bernie Sanders introduces consumer protection legislation

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September 07, 2005

Congressman Bernie Sanders introduces consumer protection legislation

The legislation is going after some of the worst anti consumer credit card practices, namely bait and switch tactics, "that raise consumers’ interest rates for events wholly unrelated to the consumer’s credit card account".

Mr. Sanders, a Vermont's Independent also stated that "his bill would also require credit card companies to provide real notice to consumers before raising interest rates or charging fees and would prohibit credit card issuers from raising interest rates on pre-existing balances for “fixed rate” cards."

Posted in Credit Cards at September 7, 2005 09:05 PM

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