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February 27, 2021
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LEVIN-CREDIT
(2007-05-16)
(wgvu) - FOR MOST AMERICANS, CREDIT CARD TRANSACTIONS ARE PART OF EVERYDAY LIFE. BUT CONCERNS ABOUT PREDATORY PRACTICES BY LENDERS HAVE PROMPTED FEDERAL INTERVENTION.
RECENT RESEARCH FINDS THE AVERAGE FAMILY HAS FIVE CREDIT CARDS. NATIONWIDE, WE PUT CLOSE TO $2 MILLION DOLLARS WORTH OF PURCHASES ON THAT PLASTIC. AND PAYING YOUR MONTHLY BILL ON TIME, OR EVEN IN FULL DOESN'T GUARANTEE YOU'LL NEVER SEE AN INTEREST CHARGE ON A MONTHLY STATEMENT.
BEING JUST ONE DAY LATE, OR GOING OVERLIMIT BY JUST A PENNY CAN BRING A BIG AND STARTLING SURPRISE. U.S. SENATOR CARL LEVIN (D-MI) WANTS A STOP TO ABUSIVE CHARGES AND FEES.
HE'S CONSPONSORING SENATE BILL 1395, THE STOP UNFAIR PRACTICES IN CREDIT CARDS ACT.
AMONG OTHER THINGS, THE NEW PROPOSED LAW WOULD PROHIBIT CHARGING INTEREST CHARGES ON CREDIT CARD DEBTS PAID ON TIME DURING A GRACE PERIOD; AND ALSO LIMIT INTEREST RATES ON LATE CHARGES TO A MAXIMUM 7% ABOVE THE CUSTOMER'S REGULAR RATE.
THE MEASURE NOW GOES TO THE SENATE BANKING COMMITTEE FOR DEBATE.

ON THE WEB http://levin.senate.gov/newsroom/release.cfm?id=274257

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