Tell Speaker of the House Nancy Pelosi to schedule a vote on the Credit Cardholders' Bill of Rights.
This bill will give consumers a fair shake -- stopping card companies from arbitrarily hiking interest rates on your balances, and more fairly distributing your payments to costly, high-interest debt first.
The powerful bank lobby is working hard to kill this bill. They want to keep their unfair advantages and big profits, while the rest of us struggle with this economy.
Only four short weeks remain before Congress is slated to break for the year. Tell Speaker Pelosi to schedule a vote on this bill now. We don’t need another credit crisis!
The bill was marked up by the House Financial Services Committee on July 31st with bipartisan support. H.R. 5244 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.
Signs that credit card delinquencies and defaults are rising to historically high levels strongly suggests that many families cannot sustain the cumulative burdens of these abuses. The sub-prime meltdown demonstrates the importance of ending abusive lending practices when warning signs arise.
Congress should take steps now to rein in these practices to forestall an even greater economic crisis.