A Word from Janne
Ten years. 1999 to 2009. I started talking to our elected officials about the need to regulate credit card companies in 1999. It was 11 months after my son, Sean Moyer, killed himself because of his credit card debt. For ten years all I heard was it can’t be done. College students are old enough and smart enough to figure out how to use credit cards wisely. Besides, colleges need the millions of dollars they make off of their student cards. The banking industry claimed any amount of regulation would just hurt consumers. It’s the same old song we hear any time regulation is mentioned. Ten long frustrating years.
And then 5 months. President Obama came into office in January, and on May 22, 2009 he signed the Credit CARD Act.
It took all of us calling, texting, emailing and supporting consumer groups to get this great law passed. AFFIL, The Consumer Federation of America, James Scurlock and Maxed Out walked the road with me for all those years. There is still more work to be done but for a little while, I’m going to sit back, relax and enjoy a hard won victory. May 22 was for Sean.