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Credit Cardholders' Bill of Rights Act of 2009

Floor Speech

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


CREDIT CARDHOLDERS' BILL OF RIGHTS ACT OF 2009 -- (House of Representatives - April 30, 2009)

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Mr. QUIGLEY. I rise in strong support of this amendment because today the average American can apply for a credit card anywhere, at a grocery store, at an airport, a ballpark, even college campuses. It all seems so easy.

Unfortunately, the terms of the agreements aren't so easy. In some cases, terms have become so complicated that the average consumer cannot always know what they've gotten themselves into.

Now more than ever, Americans are turning to their credit cards to get them through the end of the month, and in turn, the U.S. credit card debt has reached an all-time high.

Meanwhile, almost half of Americans carry a balance and have no idea how long it'll take to pay that down. The Credit Cardholders' Bill of Rights will protect consumers from predatory practices, and this specific amendment will give them the ability to pay down their debts.

I urge my colleagues to vote ``yes'' on this amendment and the underlying bill.

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