House passes rules that could affect credit card debt accounts

12/11/2009

Consumers across the board have been dealing with financial problems like credit card debt, though the House recently passed a bill that could provide some help.

In a 223-202 vote, the House passed the Wall Street Reform and Consumer Protection Act. If the act becomes law, it would bring a new consumer protection agency, which would work to protect consumers against "unfair" practices and products.

Furthermore, the House's bill would set up a stability council, which would keep an eye on financial institutions whose failure would present a large risk to the overall economy. These firms would be subject to further scrutiny and more stringent standards from the council.

Along with the creation of the Consumer Financial Protection Agency, Congress and the Obama administration passed new rules for credit card debt accounts. Starting in February, card companies will not be able to arbitrarily raise interest rates on credit card accounts.

Also, the new rules would require that credit card companies review account that have had rate increase in order to determine if it should be reduced.

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