Some prominent leaders who claimed to put an end to credit card providers charging unreasonable interest rates issued bans. Store card firms can expect some new changes in how they charge interest rates because of new laws they will not be allowed to charge high rates.
Despite of these new laws that protect consumers there is more needed to be done to help protect cardholders from being ripped off by credit card providers. Mike Hall stated in the news on November 4 that he wanted to see good come to the consumers rather than more bad.
Some of the credit card providers were charging consumers high interest rates despite that they were paying their debts each month. Mr. Hall stated that this was an unreasonable action by card providers and that something had to give. It looks like he wants to revise some regulations that would encourage cardholders to repay their charges on their credit cards that are highest first.
While new laws are going into action there is still more needed to control credit card providers and how they charge consumers interest rates. It wasn’t so long ago that consumers in the UK and around London were considering using money instead of credit cards. Perhaps credit cards should be banned altogether.
