NEW YORK LEGISLATURE MOVES CLOSER TO UNIVERSAL-DEFAULT BAN.(Brief article)

A measure banning universal default interest-rate hikes on credit cards is a governor's signature away from becoming law in New York state. Both houses of the state legislature Wednesday approved bills outlawing universal default, a practice of raising interest rates on a credit card if someone misses a payment to another creditor. Gov. Eliot Spitzer will "take a look" at the measure when the bill arrives at his office, a spokesperson tells CardLine. A state assemblyman who sponsored the outlawing of universal default has said …