(AFP) – Nov 4, 2009

WASHINGTON — Amid complaints about credit card interest rate spikes and new fees, US lawmakers have voted overwhelmingly to speed up the implementation of sweeping new rules to guard against abusive practices.

The House of Representatives approved the accelerated pace by an overwhelming 331-92 vote on Wednesday, but the legislation's fate in the Senate is unclear.

"Card companies have redoubled many of the abusive practices that brought Congress to pass my original reforms last Spring," said Democratic Representative Carolyn Maloney, a lead author of the bill.

"Rather than use the time -- time they asked for -- since the bill?s signing in May to prepare for the changes, they?ve raised rates and fees with absolutely no regard for the dire position of millions of their customers," she charged.

The new bill would make key pieces of the legislation, which US President Barack Obama signed May 22, active immediately.

The White House's Democratic allies say the legislation is a central piece of their effort to re-write the rules of the US economy to help consumers battered by the global financial meltdown.

It forbids rate increases on existing balances unless consumers are at least 60 days late paying their bill or the initial rate was a promotional rate that has expired, and requires 45 days' notice to raise rates.

The measure bans fees for payment processing -- such as surcharges for paying by telephone; imposes steep restrictions on issuing cards to people under 21 years of age, and requires that promotional interest rates on new cards stay valid for six months.

The credit card industry has argued the bill could result in a tightening of credit at a time when a credit crunch is already depressing spending amid an economic crisis.

The original legislation had three staged phase-in dates, August 2009, February 2010, and August 2010.

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