AFFIL and Partners reiterate support for HR 627
(April 21, 2009) In anticipation of the full House Financial Services Committee markup of HR 627, the Credit Cardholders Bill of Rights, AFFIL and our Partners sent this letter (PDF) to members of the committee. Excerpt:
H.R. 627 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 un-ending cycle of costly debt. These tricks and traps have always been unfair, but they produce devastating financial repercussions in times of economic difficulty. Working families are particularly hard hit as they are paying more each year in unreasonable fees and credit card interest.