The House Passes The Credit Card Holders’ Bill of Rights

Have you been less than happy with some of the practices of the credit card industry?  If so, you’re not alone.  Many people are including the Obama administration.  In a bipartisan approval today, the house passed the Credit Card Holders‘ Bill of Rights. How is this good news for you?

Double Cycle Billing Prohibited- eliminates the interest-free period for consumers who move from paying the full balance monthly to carrying a balance.

No more retroactive rate hikes-

Consumers would have to be notified 30 days before their accounts are closed.

Nobody under 18 can get a credit card

According to the White House, U.S. credit card debt has jumped 25 percent in the past 10 years, reaching $963 billion in January. The average outstanding credit card debt for households that have a card was $10,679 at the end of 2008, according to creditcard.com.

Assuming the Senate passes this bill, it will not go in to effect for 1 year with the exception of a requirement that consumers receive 45 days notice before interest rates are hiked.


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