Get Out of Debt 101 Blog

We mentioned a few days ago (and you probably already read on the news) that President Obama has asked Congress to submit to him by Memorial Day a bill that will redefine credit card lending practices.
But what can we expect from this upcoming credit card reform?

According to industry experts, there are a few things that will most likely be included in the final bill.

Also, they could put a cap on penalty periods. Let’s say you are late on a card, the interest rate is raised for as long as the credit card company wants. From now on, it would be for only six months as long as you are not late again. Your interest rate should go back to where it was before.
It would also regulate student borrowing, protecting those under 21 years old who will now have to prove they have an income or have a co-signer.

We will find out more in the next few days. I hope the changes they introduce help those who are deep in debt and now need a helping hand