Credit Card Laws Fall Short For Students

According to the White House, Americans' total credit card debt has reached an estimated $963 billion, a 25 point leap over the last past decade. Meanwhile, nearly half of all American families have an average amount of credit card debt over $7,000. In light of the dreary details, Obama had asked Congress to tighten the reigns on the banks by delivering legislation before a set goal of Memorial Day. The new bill, which will take effect nine months after it's signed, provides a series of stricter limits than the credit card regulations that were passed by the Federal Reserve and scheduled to go into effect in July, 2010.