Credit card companies raise fees before new law

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If you hold a Discover credit card, you're in luck -- the company has decided to freeze interest-rate hikes until a new credit card consumer protection bill takes effect in February.

Chuck and Jeanne Lane of Ohio have excellent credit, but their monthly credit card bill more than doubled.

Bank of America was the first company to freeze its rates. Both moves come after outrage over credit card companies jacking up rates, increasing minimum payments and raising penalty fees before the new consumer protection law -- which would bar sudden increases -- is phased in.

Rep. Betsy Markey, D-Colorado, and 17 other lawmakers sent letters to credit card banks asking them voluntarily to freeze their rates while Congress decides whether to move up the phase-in date for the new law to December.

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