House Financial Institution and Consumer Credit Subcommittee Chairwoman Carolyn B. Maloney (D-NY) announced her plans to introduce the “Credit Cardholders’ Bill of Rights Act of 2009” in the House. Sens. Charles Schumer and Mark Udall who are joining in the legislation in the Senate. The past bill made it through the House only to die in the Senate, last year.
It was a big disappointment to consumers and small business who rely on credit. Since credit cards are supposed to be contracts, these terrible practices of the credit card companies need to be fixed. The practices are predatory, unfair, abusive, deceptive, and hopefully the unfair interest rate hikes and fees will finally be made illegal. I’m not saying that credit card companies don’t have a right to make a profit, but I’m totally against extortion, which is what they are doing.
We’re all going through an economic crisis right now, and we need reforms that will help consumers and small business now! It is criminal what these companies are doing, hiking interest rates for no reason, calling lines of credit due for no reason.
I’m not sure if this bill is the answer but I do know in my heart that where we are right now is not good! Have you tried calling a bank lately? Or better yet, tried calling a credit card billing department? How about calling the customer service department of a large corporation? I challenge you to try and find a real person to complain to. I guarantee you, it will take you a whole lot of hours just to find a person who really cares.