November 10, 2009

Nevada Senator Harry Reid is cosponsoring a bill to prevent credit card companies from raising rates until laws change in February 2010. This legislation will specifically stop credit card companies from increasing the annual percentage rate, fee, or finance charge on an outstanding balance -- or from changing the terms on repayments of outstanding balances. In light of the economic struggles facing many Nevadans, Senator Reid said, “I’m pleased to sponsor the Credit Card Rate Freeze Act because it fights back against unfair lending practices that hurt consumers and helps Nevadans keep more of their hard-earned money.”