Today by a show of almost unanimous decision 90-5, the United States Senate voted to pass a sweeping Credit Card Reform Bill.
The bill will curb over-the-top interest rates and outrageous fees often forced upon Consumers as punishment for using plastic versus cash.
Once President Obama signs the bill into law on Memorial Day (as expected), Lenders and Credit Card Industry officials will have nine months to begin complying with the mandatory changes.
Some of those changes include:
a) Posting card agreements online
b) Allowing customers to pay their bills online or by phone without being charged extra fees.
c) Making customers aware of interest rate increases 45-days prior to the increases.
d) Not approving credit card applications for anyone under the age of 21 without proof their debts can be paid or without parental co-signers.
Such changes imposed by the Federal Reserve will begin taking place in July 2010.
Sources: Huffington Post, Politico, Flickr
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