Rep. Maloney comments on reports of credit card rate hikes
WASHINGTON, DC –Rep. Carolyn Maloney (D-NY) today commented on recent news reports of credit card issuers raising interest rates significantly on existing balances.
“Rate hikes on existing balances being reported by news media and consumers, even when consumers pay on time and follow the rules, are unfair and deceptive and must be stopped. Capricious actions like these are why Congress overwhelmingly passed, and President Obama signed, my credit card reform bill: to level the playing field on behalf of consumers.
