Credit Card Complaints: Sen Schumer asks Fed to limit rate increases

Today, Senator Charles Schumer called on the Federal Reserve to immediately limit rate increases on existing credit card balances. Schumer said credit card companies are rushing to raise rates and fees ahead of the Credit Card Accountability Responsibility and Disclosure Act that will take effect in February 2010 and will limit rate increases and fees. "This is what many of us feared about a law that didn't take effect right away," Schumer said. "Issuers are using the delay in the effective da