For Immediate Release

April 24, 2008

Washington, DC - U.S. Rep Gene Green (D-Texas) has cosponsored the Credit Cardholders Bill of Rights (HR. 5244), legislation that would reform major credit card industry abuses and improve consumer protections for cardholders.

 

“As our country stares into the face of a possible recession, more and more Texans are turning to their credit cards to help make ends meet.  Congress can and should take swift action to reform major credit card industry abuses and improve consumer protections for cardholders,” Green said.

 

The Credit Cardholders’ Bill of Rights would:

·        Require card companies to give cardholders advance notice of any interest rate hike       

·        Give cardholders the right to say “no” to borrowing money at a higher interest rate than they originally agreed to

·        Stop tricks and traps that make cardholders incur rate hikes and pricey fees

·        Empower cardholders to set limits on their credit

·        Shield cardholders from misleading terms

·        Protect vulnerable consumers from fee-heavy subprime cards

·        Require Congress to provide better oversight of the credit card industry

 

The Credit Cardholders’ Bill of Rights has over 100 co-sponsors in the House of Representatives and has been endorsed by newspapers throughout the country, including USA Today and The New York Times.  The bill also has the support of leading consumer groups, such as Consumers Union, U.S. PIRG, and the Consumer Federation, as well as The National Small Business Association and The Service Employees International Union (SEIU).

 

For more information on The Credit Cardholders’ Bill of Rights, please visit: http://maloney.house.gov/index.php?option=com_issues&task=view_issue&issue=298&Itemid=35.

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