U.S. Rep. Peter Welch is vowing to continue working to pass a cap on interest rates that can be charged by credit card companies.
Welch says he’s pleased that the House this past week passed a credit card holders’ "Bill of Rights." But he says he’s disappointed it did not include an amendment he supported to cap credit card interest rates at 18 percent.
The House bill passed Thursday aims to curb some abuses by the industry. It bans most retroactive interest rate hikes on existing balances, and bars companies from suddenly changing due dates to snare consumers with late-payment charges.
Welch says more work needs to be done on the issue, including the interest rate cap.