Moran says measure would protect consumers from industry “tricks”
Virginia Congressman Jim Moran voted to accelerate critical reforms to protect consumers from the abusive practices of the credit card industry yesterday. The Expedited CARD Reform for Consumers Act would push up the effective date of reforms in the congressionally approved Credit CARD Act from February 22 to immediately following the President’s signing of the bill.
“Credit card companies have taken advantage of the implementation period between President Obama signing the Credit CARD Act into law and the February 22 start date to raise interest rates, minimum payments, and fees on consumers, Congressman Moran said. “Expediting credit card reforms will level the playing field between consumers and credit card companies and provide much-needed financial relief to individuals and families. With the holidays fast approaching, this couldn’t have come at a better time.”
The Credit CARD Act implements tough regulations on the credit card industry and empowers consumers by equipping them with the tools they need to manage their own credit. The legislation includes measures to protect consumers from unfair interest rate hikes on existing balances, double-cycle billing and due-date gimmicks. By moving up the start date of much of the Credit CARD Act, Congress can limit the worst practices of credit card companies before the full law takes effect.
“People are having enough trouble making ends meet during this recession. The last thing they need is to spend another ten hours on the phone battling their credit card company,” said Moran. “It’s time to put an end to the sort of tricks and fine print practices that have left too many people in a black hole of debt.”