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House passes financial reform, while past laws help connect with consumer credit counseling
By Marvin Milner on Jul 3rd, 2010
Consumers facing higher amounts of credit card debt may have also run into increased interest rates, as financial institutions deal with the fallout of the recent recession.
However, that may change in the future thanks to financial reforms being weighed by Congress. The House voted recently to pass the changes in a 237-192 vote.
While this may be a milestone in some eyes, the reforms still face a battle in the Senate. A vote isn't expected until later in July as lawmakers recess for a break.
If the reforms make it past the Senate in their current form, a federal-level agency will be created to keep tabs on financial products offered to consumers. Those would include credit cards, with President Barack Obama saying people will no longer be inundated with fine print.
Other reform measures passed by the government include the Credit Card Accountability, Responsibility and Disclosure Act, which places a number of limitations on credit companies. It also helps people connect with consumer credit counseling services, as a number for these services is included in card statements.
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