'Wall Street Journal': Bank of America to boost rates on cards with balances - Phoenix Business Journal:

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Customers who carry a balance and have an interesy rate below 10 percent will see their rate s increase into the double beginning with Juneaccount statements. A BofA spokeswoman told the newspapef the changes would affect less than 10 percengtof BofA’s card customers in the United According to the Journal , BofA has 70 million card customers around the but doesn’t break out the number of customers in the Unitex States. “The increase on these accountse reflects the current economic conditions, where our cost of providing creditr has significantly increased,” the spokeswomajn told the newspaper.
Otherf banks, facing delinquencies, have also increasedd the rates for customerws carryinga balance. The federall government passed legislation in December tolimitr banks’ ability to raise credit-cardc interest rates. The rule, won't go into effect until July 2010. Congress is mullinbg regulations that would place stronger restrictions on banksmuch sooner. Charlotte, N.C.-basexd BofA (NYSE:BAC) has received $45 billioj in federal funds through the Troubled Asset Relief Program, which was designed to thaw the credit