According to an article in the Dallas Morning News, new legislation that would rein in credit card practices is set for a vote in Congress on Thursday.The article said:
Measures before the House and Senate are designed to enhance protections for credit card customers. The House bill, which was being put to a vote Thursday, would prohibit so-called double-cycle billing and retroactive rate hikes and ban the issuance of credit cards to people under 18, but wouldn’t take effect until a year after enactment. Another requirement in the bill, that customers receive 45 days notice before their interest rates are increased, would go into effect in 90 days. Double-cycle billing eliminates the interest-free period for consumers who move from paying the full balance monthly to carrying a balance.
This legislation is timely and necessary to bailout our quickly sinking titanic of debt. Millions of Americans file bankruptcy each year because of credit card debt. Millions face foreclosure because they can’t dig themselves out of high interest credit card debt that seems to grow with each payment. Credit card debt is pushing many Americans behind financially and can quickly become unbearable when a debtor faces a job loss, medical illness or divorce.
Luckily this bill is expected to pass swiftly through the House; but may face some opposition in the Senate. Americans who need relief from credit card debt need to consider all of their options including bankruptcy. Chapter 13 Bankruptcy will help debtors repay their credit card debt and other debts over a course of 3 to 5 years while a Chapter 7 bankruptcy will completely wipe out the debt. Speak to a Dallas-Fort Worth bankruptcy attorney to find out which type of bankruptcy is best for you.