Another proposed reform would require a longer payment window before consumers could be charged late fees.
Among the rules expected to be adopted, a credit card company would be prohibited from raising interest rates on existing balances unless the customer was 30 days late or more in paying the minimum due.
Banks would also have to apply payments in a way that is fair to consumers. For example, different rates apply to different balances on the same card, banks now apply the full payment to the balance with the lowest rate. Under the new rules, they wouldn't be allowed to do that.
While the changes would provide relief for consumers, they're reportedly bad news for banks. Banks have increasingly begun to rely on customer fees.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus