Bill Now in the Senate Addresses Credit Card Abuse
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If you have a credit card, and most of us have more than one, you’ve likely opened a monthly bill and seen your interest rate jump, even if you have an on-time payment record. Or worse: A company will increase the interest rate on a card raised because you’re not using it enough.
Then there’s the fine print, fees, penalties and changes in the rules that credit companies are piling on consumers, usually buried in a legalese-loaded notice too small to read without a magnifying glass.
A bill that could come to a U.S. Senate vote this week—debate starts Monday with a vote expected Wednesday—would put an end to deceptive and abusive credit card practices that are hurting honest and hard working families.
The AFL-CIO, Union Privilege, the Consumers Union and dozens of consumer, civil rights and community groups are urging the Senate to pass S. 414, the Credit Card Accountability, Responsibility and Disclosure Act.
