Tuesday, February 3, 2009

Credit Cardholders Bill of Rights

I thought this was info worth passing on. I don't think it's controversial, but I'm sure someone will tell me if they disagree!

The Federal Reserve passed new rules in December designed to keep credit card companies from raising interest rates and fees on consumers who are paying their bills on time. Unfortunately, they gave the credit card companies 18 months to start following the new rules. Rep. Carolyn Maloney of New York has introduced a bill in the House that will require the new rules to take effect within 90 days of the passing of the bill. I sent the following to my Senators and Representative:

I would like to urge you to act quickly to move up the effective date for
the Credit Cardholders Bill of Rights. I believe this would be a quick and
inexpensive way to stimulate our economy. Credit card companies are
increasing rates and closing cards for consumers regardless of credit history at
record rates. This results in less spending by Americans and a worsening
of the already failing economy. Please work to pass the Credit Cardholders
Bill of Rights reintroduced by Rep. Carolyn Maloney of New York as soon as
possible to bring much needed relief to the voters.

Here is the press release on the reintroduction of the bill by Rep. Carloyn Maloney.

Go here to find your representative. Your senator's website is their lastname.senate.gov.


Julie@My5monkeys said...

thanks for the heads up on this...will do.

Tara R. said...

Excellent advice! Thanks for sharing.

Anonymous said...

Yeah, talk about getting shafted. I have never in the 15+ years I have held one particular card been late on a payment. They raised my interest rate a whopping total of 10% in the past year. WTF! Seriously, folks? I pay my bills. *sigh*

All that does is prevent me from being willing to use my card. Sounds counter productive to me.

Anonymous said...

WAHOO, you are back in the saddle full force!!! I believe credit card companies are generally scumbags and whenever the brakes can be put on their generally unethical behavior, I vote for it or support it any way I can. Thanks for the info!!

justme said...

Thank you for this! I am one of those who have been victim to this greedy plot by CC Companies to make more money...I have an immaculate history and my rates were still raised to ungodly amounts.

Sh*tty for them since I paid it off and will never do business with them again, but still, something should be done.