Credit card stories? She’s heard ‘em all

Democratic lawmaker Carolyn Maloney

Democratic lawmaker Carolyn Maloney

Listen to Rep. Carolyn Maloney tell how she became interested in credit card reform legislation

Tired of your mailbox being jammed with unsolicited credit card offers boasting too-good-to-be-true introductory rates and confusing terms in tiny print?

So is Carolyn Maloney. But as the chairman of Congress’ Joint Economic Committee, Maloney can actually do something about it.

The New York Democrat is the chief sponsor of legislation she is calling the “Credit Cardholders’ Bill of Rights.” It would stop credit card issuers — many of which have received generous taxpayer bailouts — from imposing surprise interest rate hikes and hidden fees.

Speaking at the Reuters Global Financial Regulation Summit, Maloney said she expects the legislation to pass both the House and Senate, and to be signed into law by the end of May. That won’t be a minute too soon for her.

“It’s hard for me to go anywhere without (hearing) a credit card story,” Maloney told the summit.

Constituents in her New York district stop her at the grocery store to complain about credit card issuers, she said. So do colleagues on the floor of the U.S. House of Representatives.

“They even tricked me by changing the due date,” Maloney said, referring to one of the credit cards she uses. “All of a sudden I had a late fee because I had paid within the period I usually paid — they changed it, they changed the terms.”

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2 Responses to Credit card stories? She’s heard ‘em all

  1. Ex victim says:

    Credit card mills have become so transparent in their scams it’s time some “responsible” party came down on them with more than a slap on the hand. There’s little doubt meaningful criminal charges could (and should) be brought against many of the developers of systems so obviously designed to take unfair advantage of those who cannot protect themselves against scams into which so much devious psychological planning was invested. Where are the elected mouthpieces whose job it is to represent and protect us, listening to professional lobbyists?

  2. John says:

    There is no reason for credit card rates of 20-50% when our inflation is in the low single digits and prime is in similar ranges.There is no reason for allowing them to rape the american public with that kind of usury.How about protecting our ecomonmy, and American citizens by putting a reasonable cap on card rates that is not more than 10% above prime?That help stop the credit card defaults, auto loan defaults, and mortgage loan defaults, when the credit card companies force people into default on all loans by pushing rates and payments several times what consumers initially agreed to with rates less than 10% initially … or even into bankruptcy where all lenders suffer because of the credit card abuses … and in the end, all Americans which pickup the tab for those unnecessary defaults.

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