Print this page 
|
H.R.5244 The Credit Cardholders’ Bill of Rights
AFFIL Partner Perspectives July 28, 2008, Consumers Union and Consumer Federation call on the committee to pass the bill: As a Congressional committee prepared for the first time ever to consider legislation that would curb predatory credit card lending practices, national consumer organizations today called on members of the House Financial Services Committee to support the bill and to send it to the House Floor for passage. May 13, 2008, Partners support the bill: We offer our strong support for H.R. 5244, the Credit Cardholders' Bill of Rights Act. H.R. 5244 rests on the basic rules of fair dealing that Americans expect everyone to play by. It curbs some of the most arbitrary, abusive, and unfair credit card lending practices that trap consumers in an unending cycle of costly debt. These tricks and traps have always been unfair, but now, at a time when consumers can least afford it, these practices produce devastating financial repercussions. Elizabeth Warren and other consumer advocates testify at Subcommittee hearings on H.R.5244: For too long, the most aggressive credit card issuers have had a free rein to craft new terms to ensnare unsuspecting customers. In the absence of baseline rules such as those proposed in H.R. 5244, some credit card issuers have boosted profits by developing new terms that are unfair, often devious, and sometimes legally deceptive. This is a hearing about banning those practices to ensure real freedom and competition in the credit card market.Read more Full bill, co-sponsors and more from Thomas |
