New Hampshire Rep. Paul Hodes wants rules aimed at protecting people from sudden hikes in interest rates on credit cards to take effect ahead of schedule.
Under legislation President Barack Obama signed in May, the new rules are scheduled to take effect in late February. But Hodes said Thursday he wants to move up the date to Dec. 1 instead because he believes credit card companies are taking advantage of customers while they still can.
Hodes, a Democrat, made the comments in a conference call that also featured a Dartmouth College professor who said his credit card company arbitrarily lowered his credit limit. Karl Griswold says that hurt his credit score and could mean he will pay a higher interest rate on his mortgage when he buys his first home.