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WASHINGTON - Riding a crest of populist anger, the House on Thursday approved a bill to
restrict credit card practices and eliminate sudden
increases in interest rates and late fees that have entangled millions of
consumers. The legislation, dubbed the Credit Card Holders' Bill of
Rights, passed by a bipartisan vote of 357-70 following lobbying by President
Barack Obama and members of his administration.
The measure would prohibit so-called double-cycle billing
and retroactive rate hikes and would prevent companies from giving credit cards
to anyone under 18.
If they become law, the new provisions won't take effect for
a year, except for a requirement that customers get 45 days' notice before
their interest rates are increased. That would take effect in 90 days. Read the full article at http://news.yahoo.com/s/ap/20090501/ap_on_go_co/us_congress_credit_cards
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