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.

Dear [ Decision Maker ] ,

I am writing to urge you to vote in favor of H.R. 627, the Credit Card Accountability Responsibility and Disclosure Act of 2009 (the "Credit CARD" Act) when it comes for a vote this week.

Passage of H.R. 627 is in the best interest of all American families and our economic recovery. H.R. 627 is a critical step forward in reversing a trend in which card issuers have had the upper hand far too long and borrowers have gotten an unfair shake.

Credit card use helps keep our economy moving, but card companies too often take advantage of customers with hidden charges and misleading terms. Rates and fees should be transparent and not subject to arbitrary changes. Credit card companies should not be allowed to change the terms of credit at any time for any reason. That's just unfair.

H.R. 627 brings fairness and common sense back into credit card practices. It protects consumers from excessive fees, ever-changing interest rates and complex contracts designed to keep people in debt. In short, this bill will force credit card companies to clean up the fine print so that people like me no longer get blindsided.

Too many hardworking Americans have already lost too much in this recession. Your "yes" vote on H.R. 627 will protect them from losing even more.

Sincerely,

Campaign Launched:
May 13, 2009