It sounds like a victory for credit card users — a rule that would require banks to review any interest rate hikes every six months, and lower rates when appropriate.
Yet loopholes in the Federal Reserve’s latest proposal could let banks avoid rolling back rates in most cases.
To start, the proposal issued Wednesday wouldn’t require banks [...]
Posts Tagged ‘credit cards’
Lower interest rates? Not in the (credit) cards
March 5th, 2010 by Financial Writer
Tags: american bankers, banks, credit card users, credit cards, interest rate, lower interest rates
more...Consumer borrowing falls sharply in November
January 9th, 2010 by Financial Writer
Americans borrowed less for a 10th consecutive month in November with total credit and borrowing on credit cards falling by the largest amounts on records going back nearly seven decades.
The dramatic declines raised new worries about whether consumers will cut back further on spending, making it harder for the economy to mount a sustained rebound.
The [...]
Tags: borrowing, consumer, credit cards, economic activity, economic recovery, Federal Reserve
Fed says banks eye tighter terms on credit cards
November 9th, 2009 by Financial Writer
Banks expect to tighten terms on credit cards in response to a new law that aims to protect consumers from sudden rate hikes, the Federal Reserve said Monday.
A quarterly survey by the Fed found that many banks expect to increase rates, reduce credit limits and raise annual fees for both prime borrowers — those with [...]
Tags: banks, borrowers, credit cards, economic recovery, Federal Reserve, increase rates
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