House follows on passing credit card bill

Just a day after the Senate passed its bill on credit card restrictions, the House has also seen victory with 361-64 votes. This bill, having passed both houses, is now expected to be signed into law within the next few days.

Taken from the WSJ, some of the provisions inside the bill are as follows:

[T]he bill would require people under 21 to prove first that they can repay the money or that a parent or guardian is willing to pay off their debt if they default.

And consumers who see their interest rate skyrocket because they have been late on a payment would get a chance at their older, lower rate if they pay their bill on time each month for six months.

This helps ease some of the concerns I had in mind.


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