IV Post

Washington, DC - Congressman Bob Filner joined with Congresswoman Carolyn B. Maloney, Chair of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, to introduce the “Credit Cardholders’ Bill of Rights Act of 2008” (H.R. 5244).

 

“A credit card agreement is supposed to be a contract, but in recent years cardholders have lost the ability to say no to unfair interest rate hikes and fees. This common-sense bill simply levels the playing field between card companies and cardholders while fostering fair competition and free market values,” said Congressman Filner.

 

“There is no doubt that credit card companies provide a valuable service and deserve to earn a fair profit, but consumers deserve the right to understand their accounts and to control them. Regrettably, regulators and law makers have failed to adequately protect consumers in recent years. This bill would give cardholders the information and rights they deserve to make decisions about their own credit,” Filner continued. 

       

The Credit Cardholders’ Bill of Rights:

·  Protects cardholders against arbitrary interest rate increases

·  Prevents cardholders who pay on time from being unfairly penalized 

·  Protects cardholders from due date gimmicks

·  Shields cardholders from misleading terms 

·  Empowers cardholders to set limits on their credit

·  Requires card companies to fairly credit and allocate payments 

·  Prohibits card companies from imposing excessive fees on cardholders

·  Protects vulnerable consumers from fee-heavy subprime credit cards

·  Requires Congress to provide better oversight of the credit card industry

·  Contains NO rate caps, fee setting, or price controls

 

To read the entire bill, click here.