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Credit card crackdown coming next month

Washington insiders, according to this article, believe that a bill cracking down on the excesses of credit card companies will be signed into law next month.

The proposed legislation does seem to clean up some of the unilateral aspects of today’s credit card contracts.

What no reporting whatsoever covers, however, is what becomes of the current three-month salvo of rate- and payment-hiking many issuers have been on since the Federal Reserve announced plans to re-regulate the industry beginning in 2010.

Obama’s bill will turn out to be lip service if it doesn’t address the doubled rates and payments binge of 2009.