This editorial appeared in The Anchorage Daily News.
It's time for the U.S. Senate to do what the U.S. House did two weeks ago — rein in credit card issuers who have been taking American consumers for a debilitating ride. An amended version of the bill passed by the House is up for Senate action this week. Alaska Sen. Mark Begich was a co-sponsor of the original Senate bill and backs the current version; Alaska Sen. Lisa Murkowski is a likely yes vote, depending on amendments, according to spokesman Michael Brumas.
The bill would:
• Prohibit retroactive interest rate and fee increases on existing balances.
• Prohibit any increase in interest rates during the first year after a customer opens an account.
• Require promotional rates to last at least 6 months.
• Require card issuers to mail statements at least 21 days before the due date, rather than the current 14 – and require any payment made at a local bank branch to be credited that day.
To read the complete editorial, visit The Anchorage Daily News.