Credit Cardholder's Bill of Rights Passed in House

The Credit Cardhlder's Bill of Rights is one step closer to becoming a reality. The act passed in the House today with a vote of 312 to 119.

If passed, the Bill of Rights will make several amendments to consumer credit laws prohibiting lenders from certain predatory actions. For example, credit cards will no longer be able to use the double billing cycle method of calculating finance charges. They will also be required to send billing statements at least 21 days before the due date, giving consumers more time to pay their bills.

Next, the proposal must be passed by the Senate and signed by the President to be made into a law.

Read The Credit Cardholder's Bill of Rights for a list of changes the law would make.