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.