KTVN Channel 2 - Reno Tahoe News Weather, Video - Sen. Reid Cracks Down on Credit Card Companies
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Senator Harry Reid wants to protect credit card holders in Nevada from what he calls ‘outrageous increases’ on rates.
He wants to act before new legislation takes effect next February. “What these credit card companies have done is circumvented the system. They’re raising these rates now because the rules don’t come in for a few more months. They’re trying to raise all rates right now.”
Sen. Reid wants to freeze interest rates before the Credit card Act takes effect which will protect consumers.
The White House says Americans pay about $15 million in penalty fees each year.
