In a true sign of bipartisanship the "Credit Cardholders' Bill of Rights Act" was passed today in the House by a vote of 357-70. This piece of legislation was a long time coming in what many felt was an unfair industry that preyed on those who could not pay the exorbitant fee's, yet were given incredibly high amounts of credit. While the bill would have implementation occur twelve months after its passage this is an important step towards reform of an industry. According to Creditcard.com, the average household debt on credit cards was $10,679 for the end of 2008.
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