House Approves Credit Card Bill…Help Could Be On The Way
Thursday the House of Representatives passed a bill that has potential to protect consumers from the credit card companies. It appears this potential law could pretty much affect all credit card holders. The good news is some of this could be implemented within 90 days if the law makes it through the Senate and our nation’s president. The Associated Press points out some of the details of this new bill. The bill would prevent retroactive rate increases and prevent credit card companies from giving credit cards to anyone under the age of 18. “This is a unique opportunity to end abusive practices that afflict millions of families across the nation, to contribute to our economic recovery, and to take a stand for American consumers,” Sen. Christopher Dodd, chairman of the Senate Banking Committee and the bill’s primary sponsor, said after the House vote. “Now it is the Senate’s turn to act.”
With our nation’s auto makers, mortgage companies and financial institutions getting a “bail out”, it is kinda nice to see the government lending a helping hand to consumers when it comes to their credit cards.