Campaign Unavailable

Campaign Unavailable

The Credit Card Accountability, Responsibility, and Disclosure Act (Credit CARD Act) is expected to be on the Senate Floor the week of May 18th.  It's a ripe time for real reform ushered in by recent discussions about credit card abuses by President Obama and the passage of The Credit Cardholders Bill of Rights in the House of Representatives April 30th.

The average amount of household debt by "revolvers" (those credit cardholders who carry a balance) is estimated to exceed $17,000.  While even consumers who usually pay off their cards monthly are hit by unfair rate hikes and lowered credit limits, industry employs predatory tactics aimed at "revolvers."  We are pleased members of the Senate have examined many questionable industry practices – terms and conditions of credit card contracts, unjustified fees and interest rates, and aggressive marketing practices – and urge them to rein in abuses to head off an even greater economic crisis.

Years of irresponsible lending have put borrowers in a very vulnerable position in this continually faltering economy.  It is possible that 2009 will be one of the worst years on record for credit card users, but swift passage of the Credit CARD Act means substantive help is on the way to curb abusive industry practices.