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Contact the House of Representatives about Credit Cards

May 20, 2009

Our friends at Consumers Union have put together a great summary of the credit card legislation that passed the Senate yesterday (see previous post), and are asking you to contact the House of Representatives to make sure the bill stays as strong as possible as negotiators hammer out a final version.  Here’s their post in full:

The Senate has just passed comprehensive bipartisan legislation that will end the tricks that trap consumers in high cost credit card debt. The legislation will be voted on by the House tomorrow. Click here to tell your Representative to choose consumers!

The credit card legislation will create the following consumer protections:

  • Moves up the Fed’s effective date
  • Restricts all interest rate increases during the first year
  • Restricts interest rate increases on existing balances
  • Increases notice for rate increase on future purchases
  • Preserves the ability to pay off on the old terms
  • Places limits on fees and penalty interest
  • Requires fair application of payments
  • Requires issuers to consider consumer’s ability to pay
  • Prevents deceptive marketing of credit reports
  • Provides sensible due dates and time to pay
  • Protects young consumers
  • Restricts issuance fees on fee harvester cards
  • Requires enhanced disclosures
  • Establishes gift card protections

Click here to read a detailed summary of the bill.

(Photo:  Consumers Union)

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