Thursday, September 25, 2008

Credit Card Reform on the Way--Bill of RIghts Passes House

On September 23, the Credit Card Bill of Rights, sponsored by Congresswoman Carolyn Maloney (D-NY) passed the house. Yes!

There's more work to do. If you feel, like I do, that credit issuers are using deceptive practices to entice consumers to carry more debt than they can afford, and that they rely on high fees and rate hikes as standard operating procedure, you may want to contact your Representative and Senator and ask that they include credit card reform in any bailout package. (Hat tip to Consumers Union, publishers of Consumer Reports, for the idea.)

Here's a link to your elected officials:
House of Representatives

Here's the letter I wrote

Dear Senator/Congressman ____,

I was pleased to see the Credit Card Bill of rights sponsored by Congresswoman Carolyn Maroney, pass the House of Representatives earlier this week.

I feel very strongly that protections against personal financial ruin such as this legislation should be part of any economic bailout plan for the large financial institutions.

Predatory lending practices in common with a failed business and my husband's extended unemployment have almost bankrupt us this year.

Thank you for your consideration.

Polly Poorhouse

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