Yesterday, about the time that I was posting about the "evil" things that credit card companies are still doing, Sen. Christopher J. Dodd (D-CT, and chairman of the Senate Banking Company) proposed a new bill that will "immediately freeze credit card interest rates on existing balances." (click here for Dodd's press release)
The senator said, "..[No] sooner had it [the Credit CARD Act of 2009] been signed into law, but credit card companies were looking for ways to get around the protections this Congress and the American people demanded."
Meanwhile, over at the Financial Service Roundtable, as reported today by Andrew Martin in the New York Times, banking companies continue to assure us that they're not raising fees because of the new legislation, but "because of risks posed by the unsteady economy and by card holders themselves, who are defaulting on their payments or paying late more often."
Good idea, that, blaming the banks' customers, don't you think?
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