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Credit Card Reform Legislation Would Tighten Rules On Rates And Fees

Photo by Joe Raedle/Getty Images

MIAMI – MAY 20: Yera Dominguez counts out change from a transaction at Lorenzo’s Italian Market on May 20, 2009 in Miami, Florida. Members of Congress today passed a bill placing new restrictions on companies that issues credit. The vote follows the Senate passage of the bill, which now heads for President Obama’s promised signature. The bill will curb sudden interest rate increases and hidden fees, requiring card companies to tell customers of rate increases 45 days in advance. It will also make it harder for people aged below 21 to be issued credit cards. (Photo by Joe Raedle/Getty Images)

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