Senator McCaskill’s new bill The Stop the Unfair Practices in Credit Cards Act is pretty clear: the legislation aims to stop what McCaskill calls "egregious" credit card practices. McCaskill and Michigan Senator Carl Levin are co-sponsoring the bill that they say would "put an end to unfair and abusive credit card practices."
McCaskill says The Stop Unfair Practices in Credit Cards Act spells out that credit card companies would not be able to charge interest on debt that’s paid on time, there will be limits on the amount of penalty interests that will be charged and interest increases would apply only to future debt not to debt that’s been previously incurred. McCaskill says the bill would also do terminate trailing interest, or adding interest charges on credit card debt when the credit card holder has paid that debt on time and in full. There’s more. She says the bill ensures that there are reasonable currency exchange fees included in credit card agreements and it will give consumers more control over their own credit card limits.