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Feds Overhaul Credit Card Rules

New rules will tighten interest rates, could cost issuers $10B in revenue

By Ambreen Ali,  Newser User

Posted Dec 18, 2008 11:53 AM CST

(Newser) – Credit card companies will be forbidden from raising interest rates on existing debt after major changes to federal regulations OK'd today go into effect, USA Today reports. Starting in July 2010, the new rules will also restrict issuers' ability to cherry-pick higher-interest parts of balances...   Read full story »

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