Heinrich Protects Consumers

Press Release

Heinrich Protects Consumers

U.S. Representative Martin Heinrich today voted in favor of H.R. 627, the Credit Cardholders' Bill of Rights Act of 2009, which will end the unfair practices of the credit card industry and protect consumers from the abusive tactics that continue to drive so many New Mexicans deeper and deeper into debt. The bill passed in the House of Representatives by a vote of 357-70.

"By leveling the playing field between credit card companies and consumers, the Credit Cardholder's Bill of Rights Act strengthens the consumer marketplace which is based on our nation's fundamental sense of fairness and honesty," said Rep. Heinrich. "Consumers should be confident in the contracts they enter into with their financial companies. This legislation will improve transparency, and in turn, accountability in the marketplace."

The legislation includes: protections so that consumers won't face unfair, arbitrary interest rate (APR) increases; prohibits charging fees just to pay a bill by phone; prevents companies from using misleading terms, with no more fine print; bars issuing credit cards to vulnerable minors; ends unfair penalties for cardholders who pay on time; and requires card companies to send out a 45-day notice of interest rate increases.

Source