House passes credit card bill that helps consumers (AP)

April 30th, 2009 by admin

House passes credit card bill that helps consumers
(AP)

Rep. John Tierney, D-Mass., left, Rep. Maurice Hinchey, D-N.Y., center, and Rep. Peter Welch, D-Vt., right, make an announcement about their amendment to the Credit Cardholder's Bill of Rights bill that would cap interest rates on all credit cards at 18 percent, on Capitol Hill, Tuesday, April 28, 2009. (AP Photo/J. Scott Applewhite)AP – 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.

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