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>> Fed Proposes Tougher Credit Card Rules ((~~ another scam defrauded entire country along with millions of Americans into massive debt and continuing to defraud us using debt pumping markets. The practice is demonic scam which is destroying millions. After bankrupting millions, now the demonic power want to change the rule --living hell manipulation which is just another scam. ~~)))

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| 29 Sep 2009 | 11:32 AM ET

The U.S. Federal Reserve on Tuesday proposed tough new credit card rules to protect consumers from a number of potentially costly practices by lenders.

The rules would prohibit increases in interest rates during the first year an account is opened, as well as prohibit increases in interest rates that apply to an existing balance.

They also would not allow creditors to issue cards to consumers under the age of 21 without a co-signer.

"This proposal is another step forward in the Federal Reserve's efforts to ensure that consumers who rely on credit cards are treated fairly," said Fed Board Governor Elizabeth Duke said in a statement.

The new rules are subject to a 30-day comment period.


URL: http://www.cnbc.com/id/33072438/