Congress is likely to drop push for early change on credit card rates

11/24/2009 | CNNMoney

Congress had been considering a measure that would move up the start date for tougher new rules regarding when and how credit card issuers can raise interest rates, but it appears lawmakers will not take action before the holiday shopping season. The banking industry says the rate increases are based on lending risks. "It's unfortunate that the economy is struggling during the holiday season, but credit card interest rates reflect the risk in the economy," said Scott Talbott of the Financial Services Roundtable.

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