The Senate passed its version of credit card reforms that would restrict credit card issuers from raising interest rates and changing the terms on accounts. Leaders will work to make the measure align with the House version of a bill and get it to President Barack Obama by Memorial Day.
It brings to mind the promises that were made for bankruptcy reforms that would allow a judge to modify a first mortgage in a Chapter 13 bankruptcy case. Does Congress think that the credit card reforms will be enough to slow the growing foreclosure rates and protect homeowners from eviction?
