Feb 18 2009
Credit card companies may be unhappy
Credit card companies may be unhappy if this bill is allowed to pass. H3566 would bring about a much needed regulation on some charges. The basics of it says that delinquent or late charge fee’s could not amount to more than is owed on the outstanding balance. To put it simple, it appears to say that if you owe $5 on your balance, they can not charge you $35 for a late fee. I could be wrong but in my opinion this is one area that needs more regulation. Maybe this is the start to that need.
We are under a tornado warning right now here in South Carolina until 11pm tonight. Keep your fingers crossed for us that this passes with no injuries.
