Creditnet News Story
Financial reform bill will help those with credit card debt
Friday, July 16, 2010
By Sam Lee
Many consumers that have been drowning in credit card debt might finally have some hope that they will be able to get help with their problems.
The passage of the hotly contested financial reform bill, which will likely be signed by President Barack Obama before July 24, will have rules that create a new body within the Federal Reserve System designed to limit banks' abilities to use large rates and fees to hurt Americans with credit card debt.
"We're giving consumers and taxpayers the strongest protections they've ever had. We're giving Wall Street the strongest oversight it's ever had - not to stifle it, but to safeguard us," said Nevada senator and Senate Majority Leader Harry Reid. "We're taking the shady markets that operate in the darkness and bringing them out into the daylight."
Reid added that if the American economy is going to come out of the recession stronger than before, lawmakers had to resolve to not allow the mistakes of the past to be repeated.
The Consumer Financial Protection Bureau will have unprecedented, sweeping control over lenders, intended to end the predatory practices that can cripple people's credit scores and sink them deep into debt.
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