US Senate passes credit card reform bill to limit young people's brush

China News Agency, Washington, May 19 (Xinhua Wu Qingcai) The United States Senate 19th by 90 votes to five votes overwhelmingly passed a bill on credit card reform, which prohibits credit card companies from unreasonably raising interest rates and other practices, while limiting the age of 21 to hold a credit card "brush". The bill also became the first Financial regulation bill ever brokered by Mr Obama since taking office.　　Obama has used the campaign slogan to limit credit-card abuse as one of his top priorities. The bill proposes a number of new reforms aimed at increasing the fairness and transparency of credit card lending, including prohibiting credit card companies from unreasonably raising interest rates, arbitrary charges and fines, and banning the issuance of minors under the age of 18, with very few exceptions.　　Requiring the credit card company to obtain proof of the applicant's ability to repay the loan or the parent's willingness to repay the credit card to the applicant under the age of 21, and to periodically review the cardholder's credit status and adjust the relevant credit card rates in time for eligibility. In fact, as early as April 30, the U.S. House of Representatives to "one-sided" passed the credit card bill.　　It is understood that the Senate's approval of the bill is stricter than that of the House of Representatives, and is likely to soon be approved by the House of Representatives, so that it can be sent to U.S. President Barack Obama by the end of this week. The United States is one of the most widely used credit cards in the world. According to statistics, in 2008, one out of every six Americans had more than 10 credit cards. The average "card debt" per person is more than 8,700 dollars. The card-issuing banks are sitting on interest rates, ignoring the cardholder's economic situation.　　In addition, due to the large number of credit card issuance, cardholder abuse, overdraft credit card phenomenon is also increasing. Analysts believe that once indebted cardholders are unable to repay the debt, credit card debt is likely to trigger the same ripple effect as the subprime crisis, the second financial turmoil will inevitably. Congress introduced the bill to prevent a possible credit card crisis, especially the number of young "slaves", by standardizing credit-card transactions.