.The Chairman of the Senate Banking Committee (Dodd) ranted about credit card companies gouging customers and it sounds like reform is going to happen much, much sooner than the July 2010 reform that was recently passed by the Fed. Dodd said "These practices are wrong, and they're unfair" in regards to interest rate hikes and other questionable billing practices. He went on to say "Mark my words... in the coming months, they will end."
This is a real victory for consumers. At the same time I think it's a blessing in disguise for the credit card companies even if they don't realize it yet. With these practices no longer going on the credit industry will have a much more favorable image overall in our culture when they become "fair" again.
Here's one brief article about it if you didn't hear about it The Associated Press: Credit card protections considered by lawmakers
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.
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