The House passes credit card bill, which will now proceed to the Senate.
Wired PR News – The House recently passed a credit card measure designed to eliminate sudden interest rate increases, and other practices labeled as unfair to consumers. As reported by the Associated Press (AP), the legislation will now be reviewed and voted on by the Senate as early as this week in accordance with the predictions of some.
Edward Yingling with the American Bankers Association is quoted in the report as stating that the Association, “strongly believes that any additional legislative efforts should strive to achieve the right balance between enhancing consumer protection and ensuring that credit remains available to consumers and small businesses at a reasonable cost.” He is further quoted as including in his statement, “We continue to believe that more work needs to be done to achieve that balance.”
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