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House passes credit card bill that helps consumers
WASHINGTON – Riding a crest of populist anger, the House on Thursday approved a bill to restrict credit card practices and eliminate sudden increases in interest rates and late fees that have entangled millions of consumers. The legislation, dubbed the Credit Card Holders' Bill of Rights, passed by a bipartisan vote of 357-70 following lobbying by President Barack Obama and members of his administration.
The measure would prohibit so-called double-cycle billing and retroactive rate hikes and would prevent companies from giving credit cards to anyone under 18.
The measure would prohibit so-called double-cycle billing and retroactive rate hikes and would prevent companies from giving credit cards to anyone under 18.
I thought it was illegal to give a credit card to someone under 18 as well, but apparently it either wasn't or it was happening anyway.
Eliminating sudden rate hikes will give people the opportunity to cancel the credit card or notice to stop using it before the rate hike goes into effect.