The Federal Reserve passed new rules in December designed to keep credit card companies from raising interest rates and fees on consumers who are paying their bills on time. Unfortunately, they gave the credit card companies 18 months to start following the new rules. Rep. Carolyn Maloney of New York has introduced a bill in the House that will require the new rules to take effect within 90 days of the passing of the bill. I sent the following to my Senators and Representative:
I would like to urge you to act quickly to move up the effective date for
the Credit Cardholders Bill of Rights. I believe this would be a quick and
inexpensive way to stimulate our economy. Credit card companies are
increasing rates and closing cards for consumers regardless of credit history at
record rates. This results in less spending by Americans and a worsening
of the already failing economy. Please work to pass the Credit Cardholders
Bill of Rights reintroduced by Rep. Carolyn Maloney of New York as soon as
possible to bring much needed relief to the voters.
Here is the press release on the reintroduction of the bill by Rep. Carloyn Maloney.
Go here to find your representative. Your senator's website is their lastname.senate.gov.