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Credit card reform is a big issue in congress and the government currently. Consumers won a big victory earlier this year when they passed legislation that will protect consumers from credit card practices that are considered immoral or impractical. The reason they are doing this is because the credit card companies have often made their money off of the bad money practices of their clients.

Many people are in favor of this reform because it will most likely mean that there will be a new promise in the credit industry. With credit card reform there will be new restrictions places on the companies which will ensure that the users of credit will have the best protection against unlawful actions by the credit industry. Because there will be new restrictions in the credit industry, there will be lower fees and lower APRs. What this means is that there will be new opportunities available for people who previously could not afford to purchase any credit under the old terms.

Credit card reform will revolutionize the industry and help out everyone in the long run. Right now there are too many companies taking advantage of people with bad credit and horrible spending habits. Most of the time these people find themselves in financial holes that they would be unable to get out of without the credit reform. Credit reform is in the best interest of the American public and the country as a whole.

This Financial Services article was written by Colby Almond on 5/12/2010

Colby Almond was a 2008 graduate from the University of North Carolina at Chapel Hill with degrees in Public Policy and Economics. He is currently the Director of Social Media for Virante INC