WASHINGTON, April 30, 2009 – Statement from MoPIRG's federal Consumer
Advocate Ed Mierzwinski on the passage of the Credit Cardholders’ Bill
of Rights by the U.S. House of Representatives on Thursday.
“MoPIRG commends the U.S. House for its overwhelming passage
today of Rep. Carolyn Maloney's (NY) Credit Cardholders’ Bill of
Rights. For too long, owning a credit card company has been a license
to steal.
“The bill bans the worst credit card practices, such as tricking you
into paying your bill late then imposing a draconian 30% or more APR
or, worse, raising your rate for no reason at all.
“Now we hope that President Barack Obama’s support for reform will
help Senator Dodd break the logjam preventing his even stronger bill
from getting to the floor, so we can get a bill to the President before
Memorial Day.
“It is critical that final reform take effect sooner than the July
2010 implementation of the Federal Reserve’s delayed rules banning
certain credit card practices. Strapped consumers cannot wait that long
for protection against tricks and traps taking hard-earned money from
their wallets”
