18 September 2008 0 Comments

Bill before Congress re Credit Cards

Within days Congress is expected to vote on a bill that will help head off another credit crisis — stopping abusive credit card tactics that can drive us all into financial trouble.

As we struggle with this economy, credit card companies are exploiting every opportunity to jack up interest rates on credit cards for no reason whatsoever, and to charge outlandish fees, all which drive us deeper in debt. We’re getting pummeled by the aftermath of abusive lending practices in the mortgage market — we can’t afford another credit crisis!

Among other things, the bill would prohibit credit card companies from arbitrarily increasing interest rates on card balances, and make them end ‘bait and switch’ clauses that let them charge fees and change interest rates for any reason whatsoever.

Would you take a moment to send an email to your member to support these common-sense reforms? Time is of the essence — a vote is expected within days and we can’t any longer in this economy to fix these abusive credit card practices.

Take action at: http://creditcardreform.org/