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Business Briefs: Credit card changes seen

 
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Published: May 1, 2009
Modified: April 30, 2009 at 10:13 pm

NATION

Credit card changes seen
WASHINGTON — Riding a crest of populist anger, the House has cleared a bill to rein in credit card practices and eliminate sudden increases in interest rates and late fees that have entangled millions of consumers. The legislation passed Thursday by a bipartisan vote of 357-70 and follows lobbying by President Barack Obama and members of his administration. The measure would prohibit so-called double-cycle billing and retroactive rate hikes and would prevent companies from giving credit cards to anyone under 18. If they become law, the new measures won’t take effect for a year, except for a requirement that customers get 45 days’ notice before their interest rates are increased. That would take effect in 90 days.

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