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12 February 2009

Senator Dodd Introduces Credit Card Bill

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today re-introduced The Credit Card Accountability, Responsibility and Disclosure Act (“the Credit CARD Act”), legislation to better protect consumers from confusing, misleading and predatory practices by credit card companies.

The Credit CARD Act will help protect American consumers by bringing an end to wrongful credit card practices. Among other provisions, the legislation will:
  • Protect consumers from any-time, any reason interest rate increases and account changes;
  • Prohibit unfair application of card payments;
  • Protect cardholders who pay on time;
  • Limit fees and penalties;
  • Ensure that cardholders are informed of the terms of their account; and
  • Protect young consumers from credit card solicitations.

It's amazing that it took a national catastrophe in the the financial markets for Congress and the Senate to realize that credit card companies have been gouging Americans for decades on interests rates, late fees and more when it comes to credit card accounts.

Read more of the Senators bill.

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