Himes Helps Pass Credit Card Holder Bill Of Rights
Press Release
Himes Helps Pass Credit Card Holder Bill Of Rights
Congressman Jim Himes today helped pass the Credit Cardholder's Bill of Rights (H.R. 627), which will protect consumers from certain confusing, abusive, and expensive practices of credit card companies. Consumer credit card debt is now approaching $1 trilliondouble the amount held in 1996. This bill, passed with strong bipartisan support, thoughtfully balances the need for consumer credit with the simplicity and transparency that allows American to manage their personal finances.
"We're giving consumers tools to take control of their finances and ensure credit card companies don't profit by entrapping them," said Congressman Himes. "The unfair and confusing practices used by some credit card companies have contributed to the massive debt our families now carry, and this legislation will help empower consumers to reverse that problem."
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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