House Approves Bill Increasing Credit Card Holders' Rights
Credit-card holders in Dallas and Fort Worth should benefit from House Bill, HR 627, which passed the House on Thursday. The Credit Card Holders' Bill of Rights passed following lobbying by President Obama and the White House Administration. If the Bill becomes law, the new provisions will not take effect for a year, other than one key requirement that customers get 45 days' notice before interest rates are increased. The requirement may take effect in as soon as 90 days. The changes in credit cards could cost the banking industry more than $10 billion a year in interest payments. Because of the recession, many people have defaulted on their credit card obligations. This Bill will certainly ease the burden of many households in the Dallas Fort Worth area and hopefully stymie the number of bankruptcy filings. Questions or legal information inquiries concerning this Bill and its potential effect on individuals can be directed to info@fnlawfirm.com.
