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While senators try to work toward financial reform, consumers in trouble may consider debt consolidation
By Sam Craine on Feb 12th, 2010
Recently, Senate Banking Committee Chairman and Connecticut Democrat Christopher Dodd said he is working with Tennessee Republican Senator Bob Corker in order to find financial reform that will get the approval of both sides of the aisle.
One of the aspects that could be part of financial reform is a consumer protection agency that would exist at the federal level. The agency would watch over a number of different aspects of finances, including mortgages and credit card debt.
Dodd said he contacted Corker earlier in the week in order to find a negotiating partner for reform.
"I am more optimistic that I have been in several weeks that we can develop a consensus bill to bring about the reforms the financial sector so desperately needs to prevent another economic crisis," Dodd said.
While lawmakers negotiate to try and bring reform, consumers may still be dealing with trying to reduce their debt after years of running high credit card bills. One thing they may consider is debt consolidation, which may help lower interest rates and quicken a person's ability to pay off debt.
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