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Providing for Consideration of H.R. 627, Credit Cardholders' Bill of Rights Act of 2009

Floor Speech

Date: April 30, 2009
Location: Washington, DC
Issues: Business and Consumers Finance and Banking


PROVIDING FOR CONSIDERATION OF H.R. 627, CREDIT CARDHOLDERS' BILL OF RIGHTS ACT OF 2009 -- (House of Representatives - April 30, 2009)

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Mr. QUIGLEY. Madam Speaker, this is a fascinating debate for me because, for 7 years as a university professor, I have been able to see how this process actually works and begins. I saw the credit card companies literally trolling the campuses offering jerseys and sweatshirts for the honor of students to buy pizzas at 18 to 21 percent interest rates.

There is no doubt that credit card companies provide a valuable service for hardworking Americans, but they are the ones changing the rules. In recent years credit card companies have begun to abuse this system. They've implemented deceptive provisions and have burdened the average consumer with extraordinary high rates and fees.

If you pay your balance on time and you spend below your credit limit, you should not be subject to arbitrary interest rates and increases. These credit card companies deserve to make a profit, but not at the expense of the American consumer.

This bill is about reforming that system. It puts safeguards in place that will help inform consumers and empower them to take control of their credit and, therefore, their lives.

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