Congressman Peter's To Attend Presidential Signing Of Credit Cardholders' Bill Of Rights Tomorrow

Press Release

Congressman Gary Peters will join President Barack Obama in the White House Rose Garden tomorrow at 3 p.m. as the president signs the Credit Cardholders' Bill of Rights. The legislation will protect consumers from hidden fees, arbitrary rate changes and other egregious credit card company practices.

Congressman Peters, a member of the Financial Services Committee, co-sponsored the bill and also sponsored a key amendment to it. Peters' amendment would require that consumers' payments be applied to the portion of their balance with the highest interest rate first. Currently, a credit card company can require a consumer to pay off other debt before money can be allocated to the principle with the highest interest rates.

"It is an honor to have been invited to join the president as he signs this important, bipartisan bill," said Rep. Peters. "Everywhere I go I hear stories about egregious credit card company practices saddling families with debt they don't deserve. It was long past time families were given more rights. The common sense reforms in this bill will simply require that card companies are upfront with cardholders about fees and interest rates, and I am pleased I could contribute to the bill's passage."

Regarding his amendment, Rep. Peters said, "In my 22 years working in the financial sector, the most basic advice I had for any family was to pay off their debt with the highest interest rates first. But credit card companies were forcing people to do just the opposite. My amendment simply says that a consumer has the right to pay off the principal with the highest interest first."

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