It should be easy to know what you're getting in to when you sign on for a credit card.
That's the idea behind a bill Congresswoman Nancy Boyda, D-Kansas, is co-sponsoring.
The measure will amend the Truth in Lending Act to establish what supporters call fair and transparent practices. The bill requires a credit card agreement be clear, fair to consumer and up-front about its policies and procedures for changes to the agreement.
Tabatha Hovey joined Boyda in a discussing of the bill Tuesday to share her experience with changing credit card rates. She advises credit card holders to "beware of the changes that they can deal on you without your control. They can just in mid-term change the rate," she says.
Boyda says she believes credit card companies have all the power and consumers "don't even have a fighting chance a lot of the time."
The proposal would also require a credit card bill be sent 25 days before payment is due.. and for the company to give 45 days notice before changing your interest rate.
The bill is on its way to the U.S. Senate.
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