Montana Kaimin: Sen. Tester promotes credit card legislation
U.S. Sen. Jon Tester is supporting legislation that would protect customers against predatory practices used by some credit card companies.
“Credit cards are a fact of life in this society, and it’s so very, very easy for people to get in trouble with them,” the Montana Democrat said in an interview with the Kaimin last Friday.
The Senate Banking Committee approved the Credit Card Accountability Responsibility and Disclosure Act at the end of March. The act prevents credit card companies from imposing interest charges on those who pay their debt on time, adds a week to the amount of time customers have to pay their bills, prohibits companies from charging interest on late and over-limit fees, and requires that companies give customers notice of any interest rate increase 45 days in advance.
