And the small print tells the real story. Forget about seeing anything reasonable until July 2010 and even then, there's still more small print. At least we have the fearless Democrats to save the day, just as they've done with the Wall Street boondoggle.
Federal regulators on Thursday adopted sweeping new rules for the credit card industry that will shield consumers from increases in interest rates on existing account balances among other changes.Right. Except they're dragging their feet instead of helping during the largest credit crisis since the Great Depression. But hey, what's the big deal?
The rules, which take effect in July 2010, will allow credit card companies to raise interest rates only on new credit cards and future purchases or advances, rather than on current balances.
They were approved Thursday morning by the Office of Thrift Supervision, a Treasury Department division. The Federal Reserve and the National Credit Union Administration were expected to act on them later in the day.
The changes mark the most sweeping clampdown on the credit card industry in decades and are aimed at protecting consumers from arbitrary hikes in interest rates or inadequate time provided to pay the bills.
