Washington, May 22 news, Obama 22, President of the United States Congress after the signing of the credit card reform bill passed. The bill seeks to prohibit all kinds of hidden fees provisions to protect consumer interests.
Obama held the same day at the White House signing ceremony, said that many credit card customers into the debt trap because of the economic downturn led to financial distress of their families, but the greedy credit card companies make their business practices from the efforts of the debt has become more difficult. He warned that the credit card industry should be held accountable for their actions, but also made it clear that he did not support those who do not live within our means, reckless consumers.
The bill prohibits credit card companies to raise interest rates credit card debts, unless the borrower defaults is more than 60 days. If the cardholder in the following six months of the repayment on time, and that interest rates credit card companies must be restored to their original levels. Bill also prohibits credit card companies to consumers by phone to receive repayment repayments additional cost.
The bill requires that credit card companies to the applicant under 21 years of age when credit card payment, must be the applicant himself has the ability to repay or the parents are prepared to offer proof of their repayment; and requested the credit card companies issuing credit cards to new promotional interest rate must be maintained for 6 months may not improve.
Although the U.S. banking industry opposed the bill, that it the situation in the economic downturn may further inhibit the flow of credit, but it was earlier in the week Congress passed smoothly. According to data from the White House, nearly 80% of Americans are credit card holders.
May. 22, 2009
