On Tuesday, lawmakers approved a new credit card legislation in a 312 to 112 vote. This bill bans retroactive interest rate increases on existing balances. Credit card companies are only able to change interest rates on new balances now - and ONLY after giving advance notice of the interest rate hike to cardholders.
Other rules and laws for changes to the credit card industry (that benefit consumers!) are under review but it’s unlikely that anything will be finalized within the year.
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