Who doesn’t know or rather terrified with the word ‘Recession’(Ask a 6 yr old kid and he may know nothing else but Recession). And the corporate sector that’s been ruptured to much greater extent comparatively is the ‘Financial Institutions’ . Many have simply shut down their doors, others have laid off in massive numbers and ‘salary hike’ is something folks have literally stopped caring about, atleast for now.

But there’s some news that’s enough to disappoint the finanacial Institutions even more(and make their customers happier). Recently, the U.S. House of Representatives have passed the Credit Cardholders Bill of Rights, that will put the Credit card holders in much better position than now.

Highlighting the major issues in the passed bill, the bill limits unusually high interest rates and unfair fees, applied by the lenders. On part of financial institutions, the justification of any such implications on customers comes with the fact that poor economy has led to unprecedented layoffs and this has resulted in poor paying capacity of the end customer, which has further increased the number of defaulters to an alarming state.

Anyways, the government isn’t looking too co-operative with the financial institutions and the bill is more likely to be passed away through the Senate quite soon as well.