Stop Bank Foreclosures Tips

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.