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View Full Version : Credit card legislation retroactive?


JonIrenicus
05-19-2009, 09:35 PM
Recently got a rate increase on a couple of my cards, with on time payments and accounts in good standing.

I hear that the new legislation aims to limit the more arbitrary rate increases like the ones I and many others got.

I wonder if some of the recent rate increases are done to preemptively increase rates before they can no longer legally do so?

If the new legislation does not effect card rates retroactively it would seem to be in card companies interest to raise rates on as many people as they can while legal, either if the laws were retroactive or not.

If the law is retroactive, then fleece the extra bucks while still legal to do so, and if not retroactive, then raise the rates before they can no longer be legally raised.


In either case I see a link between this legislation and increased rates. Am I wrong?

Just curious, but I am sympathetic with the dems on this one.

graz
05-19-2009, 09:48 PM
http://www.cbsnews.com/stories/2009/05/19/eveningnews/main5026108.shtml