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Federal Reserve imposes new rule on credit cards

By Website Introductions at 12/18/08 22:12

In a landmark move by the Federal Reserve to crack down on unfair practices by certain credit card issuers, the Reserve imposed a new rule that will prevent loan issuers from raising interests on existing debt.

The practice is said to be unfair and deceptive, prompting the Reserve to act on it at last. The rule will be implemented starting 2010.

Link: New rule to crack down on credit card rates - USATODAY.com

Tags: credit cards • interest rates •
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