Today, two members of Congress mull to introduce a bill, which would increase the implementation of a law prohibiting the ability of credit card companies to lift interest rates and fees. 

The names of these two members are Rep. Carolyn B. Maloney (D-N.Y.), chairman of the Joint Economic Committee, and Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee. They both aim at moving the effective date of the credit card law to Dec. 1 from Feb. 1.

The Credit Card Accountability, Responsibility and Disclosure Act was signed into law in May, and it restricts card companies from increasing interest rates on existing balances unless a borrower is at least 60 days late. The company requires restoring the original rate, if the cardholder pays on time for the next six months. 

The bill was described as a landmark reform by consumer advocates. However they expressed there unhappiness for it would not take effect until February. Many card companies were seen raising interest rates and fees, sparking outrage on Capitol Hill, from the time the law has been passed. 

As per the industry, lot of time is needed to make such far-reaching changes. 

Scott E. Talbott, senior vice president of government affairs for the Financial Services Roundtable said, "The industry is already moving quickly to be in compliance with the massive changes in the new law."