| By pdelatorre - Sep 24th, 2008 at 11:28 am EDT |
| Also listed in: Campus Progress Blog | Campus Progress Updates |
Amid all of the debate on the $700 Billion bailout, the House of Representatives passed the Credit Cardholders’ Bill of Rights by a wide (312-112) margin. The bill represents one of the first times in many years that Congress has taken action on credit card debt and abusive practices within the industry, and passed despite strong opposition from both the White House and credit card companies. The Senate is not currently expected to take up the bill before the end of the legislative session, but Campus Progress will be joining consumer groups in calling on the Senate to find time to consider this important proposal.
The bill would, among other things, protect consumers from underhanded games that make it more likely that credit card payments would be considered late, require that credit card companies inform their customers at least 45 days before any interest rate increase takes effect, limit the ability of companies to increase interest rates retroactively, and prohibit certain kinds of predatory and “subprime” credit cards.
Check out how your representative voted!
Campus Progress has worked with partner organizations to advocate for strong protections for credit card borrowers, especially young people. We have testified before the House Financial Services Committee, issued action alerts to encourage young people to contact their representative, and signed onto letters to Congress with partner organizations.
We look forward to continue working with students, Congress, and partner organizations on this issue, and congratulate the House of Representatives for taking action on this issue.
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