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Majority not confident proposed agency would prevent abuses
By Sam Craine on Jun 17th, 2010
Consumers who got into trouble with credit card debt may have done so because the products they were presented might not have had fair terms.
As a result, lawmakers in Washington have passed new financial reforms that would create either an agency or bureau that would monitor things like credit cards and home loans to make sure they aren't predatory.
However, a recent survey from the American Bankruptcy Institute showed that these efforts may be for naught in the eyes of respondents, as 66 percent of those polled didn't agree with the idea that such a new government watchdog would be able to prevent abuses.
Senators and representatives are currently working on resolving differences between bills passed by both houses of Congress. The House's bill would create a separate, independent agency, while the Senate's version would house it within the Federal Reserve System.
While consumers wait for additional protections, they may still be looking for help with their bills. One option they may look at is debt consolidation, which could lower the amount of interest they pay on credit cards.
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