Credit Cardholders' Bill of Rights: What it means for you - by Karen Datko
While the $700 billion bailout and presidential election have dominated the news, the U.S. House passed a major piece of credit card reform legislation. The Credit Cardholders' Bill of Rights Act of 2008 passed the House on Sept. 23 by a vote of 312-112 (with nine members not voting). The bill, which still needs to pass the Senate before heading to the White House, would have a major impact on everything from how credit card issuers apply cardholder payments to outstanding debt to limits on interest rate increases.
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