WASHINGTON (Reuters) - Credit card holders would get earlier notice of interest rate changes and not be charged fees on debt already paid off under legislation introduced by several U.S. House of Representative Democrats on Thursday.
The legislation, dubbed the "Credit Cardholders' Bill of Rights," comes amid growing frustration among consumers complaining about unexpected fees and rising interest rates.
"A credit card agreement is supposed to be a contract, but in recent years cardholders have lost the ability to say no to unfair interest rate hikes and fees," said U.S. Rep. Carolyn Maloney.
The New York Democrat said the bill is balanced between consumers and companies but bans "major industry abuses.".........
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