RSSHouse passes credit card bill
From: The Washington Times | April 30, 2009
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 American consumers. The legislation 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. If they become law, the new measures won’t take effect for a year, except for a requirement that customers get …
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