Vehicle recall and new credit practice!

May 2, 2008 6:56:09 PM PDT
Toyota is recalling 90-thousand vehicles. Plus, the fed okays plans to rein in unfair, deceptive credit card practices. If your credit card company arbitrarily raised your interest rates, you're going to love the new rules approved by federal regulators today.

This proposed plan would be the biggest clampdown on the credit card industry in decades.

Action News viewers have been complaining loudly about what they call unfair and deceptive credit card practices and today, federal regulators approved new recommended rules.

They would require credit card companies to give borrowers more time before marking a payment as being late.

The rules would also prohibit companies from: -Unfairly raising annual percentage rates -Unfairly computing balances -Unfairly adding security deposits or fees for issuing credit or additional credit -And Deceptive offers of credit The banking industry opposes the changes but the rules could be finalized by the end of the year.

Toyota plans to recall about 90-thousand Highlander sport utility vehicles in the United States.

The automaker wants to fix a problem that could prevent the seat belt in a third-row seat from securing a rear-facing child seat.

The vehicles under the recall were built between May 2007 and March 2008. Owners will be notified of the recall next month.

And dealers will install a newly designed seat belt component.

Merck has extended the deadline for some Vioxx users to participate in that proposed 4-point-85-billion-dollar settlement.

The deadline will apply to people who've already registered to get some money back from the case. The deadline to submit proof and paperwork in support of claims was today, but it has now been extended until June 13th. The case was built on claims the painkiller Vioxx doubled risk of heart attack and stroke.

Merck did pull Vioxx from the market in September of 2004.