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stoneloren
78 Posts |
 Posted - 04/29/2008 : 09:59:47 AM
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| Client of mine was asking me if I knew anything about a law that was recently passed where if the borrower is in over their head, the credit card company or companies have to reduce the rate to make it reasonable for the borrower. Anyone know about this? |
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hoangad
2627 Posts |
Posted - 04/29/2008 : 10:01:47 AM
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| i heard about this too. the credit card companies are required by law to reduce their interest rates to 1% per the credit card relief law act of 2008. |
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mganovsky
1415 Posts |
Posted - 04/29/2008 : 10:07:25 AM
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| That could put the credit counseling companies out of biz. Good for the Feds !! |
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cnoiroux
54 Posts |
Posted - 04/29/2008 : 10:16:10 AM
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| There is no such law at the present time. Quite the contrary, if a credit card company finds out a client is in difficulty it will raise the interest rate. |
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