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Debt consolidation may help as consumers wait for financial reforms
By Oscar Monfort on May 24th, 2010
Two lawmakers who spearheaded financial reforms in Congress said recently they expect President Barack Obama to sign legislation by Independence Day.
Senator Chris Dodd and Representative Barney Frank recently met with the president to discuss financial legislation passed by their respective Congressional chambers. The two will lead a committee that will merge the two separate bills into one package for signing.
The House passed its version of financial reforms at the end of 2009. The Senate passed its bill less than a week ago. The two bills are rather similar, with both creating a new consumer protection office at the federal level.
"The two bills really are very close to each other," Dodd said, according to a report from BusinessWeek. "There's not a great deal of difference."
Although help to consumers may come in a matter of months, some people are still dealing with high credit card debt. One option they may consider is debt consolidation, which can aid them by presenting lower interest rates than they currently have on their card accounts.
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