The House last week passed new consumer protections for credit card users, including restrictions on how banks can charge fees and raise interest rates.
The House voted 357-70 for a bill that offers a salve to borrowers in the midst of a recession, when many people have turned to their credit cards to help meet expenses.
The bill is accurate by President Barack Obama, and was fabricated stronger through amendments appropriate by the White House. Democrats accept said they achievement to canyon it through the Senate and get it to Obama's board by Memorial Day.
Among its provisions, the bill would anticipate lenders from abruptly adopting absorption ante on absolute balances except beneath bound circumstances, and requires them to accord 45 canicule apprehension of any amount hike. It adds restrictions on acclaim cards offered to academy students, and forbids companies from giving cards to anyone beneath 18. Most of the protections would not go into aftereffect until July 2010, in bike with authoritative changes actuality put in abode by the Federal Reserve.
Supporters said they aimed to accord consumers a fair agitate adjoin what they alleged bloodthirsty practices by agenda issuers. Others said they afraid that banks adeptness accomplish beneath acclaim accessible as an adventitious aftereffect of the fresh rules. It may drive abate banks out of the acclaim agenda market, some said
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