WASHINGTON (AP) - Giving credit where it's due -- that's the idea behind credit card reform legislation being hashed out in the Senate.
Under a compromise proposal, consumers who are paying more in interest because they have fallen behind on their credit-card bills could regain their older, lower rates if they pay their bills on time for six months.
The Senate proposal was brokered between Republicans, who say lenders should be able to take into account a person's behavior, and Democrats, who contend that the practice of hiking rates on past balances prevent consumers from climbing out of debt.
The agreement was included as part of a broader package on credit card reform announced today by Senate Banking Committee Chairman Chris Dodd. The bill is expected to pass this week with President Barack Obama's support.
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The bill would go into effect nine months after enactment. Read more from CBS News: Senate Deal Could Lower Credit Card Rates.
According to CBS News.com, here are some other provisions the law would include: