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Carter Votes for New Credit Card Protections

04/30/09

Carter Votes for New Consumer Credit Card Protections

(WASHINGTON, DC) – U.S. Rep. John Carter today voted to approve H.R. 627, the Credit Cardholders' Bill of Rights Act to eliminate spikes in credit card interest rates and curb predatory credit card practices. The bill passed the House by a broad 357-70 bipartisan margin.

"I have concerns with passing new federal credit regulations during a recession, but in this case time has proven them warranted," says Carter. "Congress examined this issue last year, so the credit card companies had every opportunity to curb the bad practices themselves and avoid congressional action. But since then the consumer abuses have in fact increased, and the American people – including me – have had enough."

The bill bans double-cycle billing, retroactive rate hikes, and requires credit card companies provide 45-days notice before raising interest rates. The bill must next pass the Senate and be signed by the President before becoming law. President Obama has indicated support for the bill if it reaches his desk.