Himes Helps Move Credit Card Holder Bill Of Rights Forward
Press Release
Congressman Jim Himes today voted to approve the Credit Cardholder's Bill of Rights (H.R. 627), which will provide increased protections against unfair, deceptive, and anti-competitive credit card practices. Consumer credit card debt is now approaching $1 trilliondouble the amount held in 1996. This bill will help protect American consumers by banning retroactive rate hikes on existing balances, increasing advance notice of future rate increases, and giving cardholders more control over their credit limits.
"As Americans struggle to stay afloat, more and more folks are turning to credit cards to make ends meet," said Congressman Himes. "Credit is a necessary part of our economy, but predatory practices have profited certain credit card companies while dangerously raising debt on families."
The Credit Cardholder's Bill of Rights will prohibit penalty increases of interest rates on existing balances unless a customer is more than 30-days late, ban double cycle billing and require all payments to be posted to account balances in a fair and timely way.
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