Skip to: Content
Skip to: Site Navigation
Skip to: Search
MONDAY, NOVEMBER 23, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


6

House OKs Credit Card Bill; Obama Up Next

Share

(AP) – Congress has sent President Obama a bill with sweeping new rules for the credit-card industry that will affect just about every American. The House approved the measure this afternoon, 361-64. The Senate OK'd it yesterday, 90-5. The new restrictions will protect debt-ridden consumers from many of the surprise charges common in the industry, like over-the-limit fees and a charge to pay by phone.

People under 21 also will find it difficult to get a card. As banks scramble to make up for the lost revenue, cardholders who pay off their balance in full each month could see annual fees become the norm and lucrative rewards programs canceled.

The House overwhelmingly approved the credit card reform bill this afternoon. It now moves on to President Obama, who is expected to sign it.
The House overwhelmingly approved the credit card reform bill this afternoon. It now moves on to President Obama, who is expected to sign it.   (©inkynobaka)
Chart shows average annual credit card interest rates
Chart shows average annual credit card interest rates
The House approved new credit card rules today, 361-64.
The House approved new credit card rules today, 361-64.   (©The Consumerist)
« Prev« Prev | Next »Next » Slideshow
OFF THE GRID
11.20.09
The Health-Care Wars Have Just Begun
11.19.09
Sarah Palin Deserves Some More Attention
6 comments
VIEWING:
 
Reader2795
May 20, 09 1:58 PM CDT
Still more to be done to correct inequities in this form of lending, primarily with the credit reporting agencies that are unregulated and use of software models are suspects, just as the subprime models and derivative models were. Some single government regulatory has to start an investigation. These agencies have as their primary investors? Guess who? thats' right the bankers who product is consumer credit. Is this arms length or just another incestuous finance scheme organized to bilk the public out of trillions of their money. Reply
Vote up! Vote down!
+2
NewserHound
May 20, 09 3:16 PM CDT
Great... Why not continue to punish those of us that pay our bills on time. It will be great motivation to pay off my credit cards and never have any again. Reply
Vote up! Vote down!
+1
nick
May 20, 09 3:31 PM CDT
Credit card companies have become unregulated loan sharks, raising interest rates at their will. Time to reel them in. Simple as that. Reply
Vote up! Vote down!
+3
Snowleopard
May 20, 09 4:31 PM CDT
This bill is an example of intelligent government regulation. Good to see the parties working together for once to get something positive done. Reply
Vote up! Vote down!
+2
MrBisme
May 20, 09 7:34 PM CDT
Awesome, more legislation to punish those of us who are responsible with our money. Watch this end up with instant interest and annual fees. So let me get this straight... My credit card rewards go down the crapper, the interest rate on savings is almost zero thanks to the fed, the value of the dollar is dropping like a rock off a cliff thanks to all this spending and it takes 50% longer to get to work due to every road being under construction at once. This all is working out really well... I hope I have to sell my car to the government for "fair market value" so they can crush it and I can buy a brand new piece of crap from GM or Chrysler (because that's all the disgruntled workers will be making after half their buddies get laid off). This is much better than letting the economy recover on its own terms. Reply
Vote up! Vote down!
0

View all 6 comments »

LEAVE A
COMMENT Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.

 

Related Newser Stories

115 Stories

NATE SILVER & CO.

Senators See Upcoming Vote on Obama—Not Health

Eye constituents' votes in 2008, not polls on health care

Nov 19, 09 10:18 AM CST
(Newser) - The upcoming Senate debate on health care reform, like the House vote before it, will be more a referendum on President Obama than a reflection of constituents’ concerns, Andrew Gelman, Nate Silver, and Daniel Lee write. What happened in the House is clear: 31 of 39 Democrats who voted no... More »

MORE ABOUT:
Congress • Senate • House of Representatives • voters • health care reform • Obama administration • President Obama • Blanche Lincoln • constituents

KARL ROVE

 Obama: 
 Forget 
 Bush's 
 Playbook 

Making 2010 a referendum on prez won't work for Dems

Nov 12, 09 3:31 AM CST
(Newser) - Karl Rove is flattered that President Obama appears to be borrowing the strategy he devised for President Bush in the 2002 midterm elections, but he warns it won't work for the Democrats next year. Making the midterms a referendum on the White House worked in 2002 because national security... More »

MORE ABOUT:
Congress • George W. Bush • Obama administration • 2010 election • President Obama • midterm elections

heatlh care push

 Obama:  
 'Let's Finish the Job' 

President rallies Democrats as House debates bill

Nov 7, 09 12:34 PM CST
(Newser) - President Obama rallied the Democratic troops today and told the nation that "this is our moment to deliver" on health care reform. In a brief Rose Garden address that took place as the House debated its long-awaited bill, Obama again stressed the need for reform and urged lawmakers to... More »

MORE ABOUT:
Nancy Pelosi • health care • Congress • Democrats • House of Representatives • health care reform • President Obama

115 Stories

Copyright 2009 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.



Business  •  Politics 
TwitterFollow @NewserBusiness on Twitter

 
Congress • House of Representatives • credit card • banking • US Congress • US Senate • Obama administration • banking industry • President Obama • credit card reform

from our news partners