Credit card rate to go up during holidays

Credit advisors are warning consumers in southwestern Connecticut to keep an eye on the rates and fees charged by their credit card companies this holiday

BRIDGEPORT - Credit advisors are warning consumers in southwestern Connecticut to keep an eye on the rates and fees charged by their credit card companies this holiday season.

According to a Federal Reserve survey, nearly half of lenders will raise rates and cut credit limits even on qualified borrowers in advance of a consumer protection law that takes effect in February.

Some credit card users say that will change the way they shop.

"If I can't buy it with cash, I won't buy it," says Carmela Williams, of Bridgeport.

Consumer financial advocate Brenda Brinz VanDeWeghe says lenders are required to send customers a written notice about rate and fee hikes.

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