Credit C.A.R.D. Act

[ksluis62]

A new bill introduced this year picks up where last year's failed Credit Cardholders Bill of Rights left off. Chris Dodd is the sponsor of this one. On top of basic consumer protections against arbitrary interest rate hikes and due date games, this version adds special provisions aimed at protecting college students and other young adults.

New federal reserve rules address a portion of these issues, but those rules don't take effect for over a year. I've experienced a rush of interest rate hikes on some of my cards, as I think credit card issuers are scrambling to exploit as many consumers as possible while under the current rules.

You can easily express support of the new Credit C.A.R.D. Act by visiting the ConsumerAction site. They make it very easy to send an email to your senators expressing support.

Consumer Action

Please help out and express your support!