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Samster, Konkel & Safran, SC
1110 N. Old World Third St. #405
Milwaukee, WI 53203
Tel: 414-224-0400
Please also visit www.skslawyers.com, for information on the law firm of Samster, Konkel & Safran.
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News
Penalty Hikes in Credit Card Interest Rates to End
Relief from some unfair credit card practices is coming. On December 18, 2008, the Federal Office of Thrift Supervision and the Federal Reserve issued rules barring unfair credit card practices. Among the new rules, credit card companies will not be allowed to increase a consumer's credit card interest rate just because a consumer has a late payment on another credit card. Currently, credit card companies are able to impose these "penalty rates" on consumers when the consumer is actually current on their account but late on some other credit card. Often times, this penalty rate takes a consumer from the introductory rate, which can be as low as 0%, up to a 27% rate. This new protection, along with others, unfortunately will not take effect until July 1, 2010. Click here to follow a link to the Office of Thrift Supervision's Summary of the new rule.
Attorney Gordon R. Leech
Samster, Konkel & Safran, SC
1110 N. Old World Third St., Suite 405
Milwaukee, WI 53203
Tel: 414-224-0400
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