Credit card reform looks like a done deal. Wisconsin congressman Dave Obey is confident that this time, credit card reform is going to get done. The Wausau Democrat says consumers are fed up the status quo.
"I don't think that there's an American who doesn't understand what a racket this credit card business has been," in the hands of many credit card companies, said Obey, adding that in 2008, credit card companies imposed nineteen billion dollars in penalty fees, much of which came from what Obey calls "shady practices."
The House easily passed a measure last week, to require card issuers to give consumers 45 days notice of interest rate increases and ban double-cycle billing, in which cardholders are charged interest on balances paid the previous month. An even tougher version of the reforms is up consideration in the Senate. The Obama administration backs credit card reforms.