New York Representative Carolyn Maloney, who serves as Vice Chair of the Joint Economic Committee (Senator Chuck Schumer is Chair), has performed a public service by introducing the Credit Cardholders Bill of Rights, H.R. 5244. She describes her bill as "comprehensive credit card reform legislation" that ends "abuses that unfairly hurt consumers".
Comprehensive it does seem to be, and reasonable. The bill prohibits "arbitrary interest rate increases", requires a notice of any interest rate increase at least 45 days in advance, reserves to cardholders their right to pay off their existing balance at the current interest rate if the rate is increased, requires that cardholders who pay on time will not be "unfairly penalized", prohibits "due date gimmicks" and "misleading terms", allows cardholders to set their own limits on their credit, requires that credits and payments be posted "promptly and fairly", prohibits imposing "excessive fees" on cardholders and prohibits issuing subprime credit cards to people who can't afford them.
If you agree, click here to Support the Credit Cardholders Bill of Rights.
Early alerts on longer-term business, economic and public policy issues. Successor to the web site www.cityeconomist.com. Maintained by John Tepper Marlin.
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