Is there any legislation in the works to stop the abuse by credit card companies?

Credit card companies seem to be able to get away with whatever they want. They always are raising interest rates, changing terms, etc. If you have balances at the time of the change, you are stuck. The only option I have ever figured out is to freeze the account (not totally closed) and then they will honor the old terms, but you can no longer use the card.Is there any legislation in the works to stop the abuse by credit card companies?There's lots of pending legislation in each state regarding credit card legislation. The best way to find information is to do a search on google news (www.google.com/news)Is there any legislation in the works to stop the abuse by credit card companies?
Assuming you're talking about the US, then, no, not in the works, already passed.



Some of the provisions have already kicked in; the rest will -- I THINK within a couple of months.



I bet you could find out the details from the White House website. Obama signed the legislation some months ago. They can no longer raise interest on CURRENT balances; and have to give you notice of raises.



BTW, one of the provisions that will kick in soon is that they have to print the terms in language it doesn't take an army of PhDs in contract law to interpret.Is there any legislation in the works to stop the abuse by credit card companies?kinda there are small groups of people trying to enact laws to help regulate credit cards, but its hard to get laws made that help the little guy and regulate the big ones with all the money. so yes legislation is in the works, but theres alot of work before it does anything. be prepared for your grandchildrens' grandchildren to thank the work we do todayIs there any legislation in the works to stop the abuse by credit card companies?
No one is twisting peoples arms and making them take out credit cards, nor keep using them. Before they raise interest rates they always give you sufficient notice about the upcoming change. That goes for changing the terms and conditions. You can always choose to pay your balance off or cancel your credit card. If you don' like the terms or interest rates, then get rid of the card.



~~Donna~~Is there any legislation in the works to stop the abuse by credit card companies?Congress has started that fight, unfortunately they get thwarted by themselves, but something was actually passed and signed last May.



Read all about it: http://articles.moneycentral.msn.com/Ban鈥?/a>



If you want more, be loud about it to your state Representatives and Senators. That's what they're there for, but you have to let them know that it's not an option. You think something has to be done, make sure they're aware of that.Is there any legislation in the works to stop the abuse by credit card companies?
are responsible. You need to remember that when you deregulate, you improve efficency and profitability at the expense of safety and customer protection. You've been sold out, but at least the banks were more profitable, until they invested in some really shady loans.
The easiest way to avoid becoming a victim of credit card company "abuses" is to cut up your cards and never get another.