Congress just passed a measure to immediately control the interest rates and fees that credit card companies are charging in the interim between now and early next year, when additional regulation on interest rates, fees, and other lending practices will come into effect.
The Wall Street Journal compiled an article that reviews the immediate legislation. The importance that Congress places on regulation highlights the danger that credit cards pose and the seriousness of prioritizing credit card debt reduction in the context of other debt accounts that a household may have.
Raj Patel writes for DebtGoal.com, a do-it-yourself system for getting out of debt and lowering your interest costs. DebtGoal.com incorporates all of the techniques discussed in this post and can help users understand and get visibility to and manage their debt finances.
Tags: Congress credit cards, credit card interest rate limits, credit card regulation, new credit card regulation
