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Interchange amendment gets new agreement, while debt management could help with bills
By Sam Craine on Jun 22nd, 2010
People who are having a hard time finding a job may go to the government for the extra assistance they need, which could include unemployment or nutritional assistance.
These types of programs often work by issuing a card to beneficiaries, which they can use at grocery stores to purchase food. However, an amendment to the Senate's financial reform bill has caused some people to feel concerned that these programs could be negatively affected.
Through the amendment, merchants would be able to set minimum transaction requirements on card-based purchases to counteract the effect of interchange fees. These are charged by credit card debt networks for the ability to accept plastic as payment.
However, Illinois Senator Dick Durbin said an agreement was reached recently that would exempt cards associated with nutritional assistance from the amendment. Prepaid cards issued by private institutions would also be exempt, provided consumers haven't been charged certain fees for these types of accounts.
Still, not everyone can qualify for government programs, and others may be employed and still having a hard time making ends meet. One option they might consider is debt management, which could help them pay off bills in a shorter amount of time.
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