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Support a Credit Cardholders' Bill of Rights

Our struggling economy continues to sink. The last thing we need is another credit crisis, which is why Congress can't afford to ignore abuses in the credit-card industry any longer.

The Credit Card Bill of Rights (HR 5244) is a proposed bill that would:

  • --Stop random interest rate hikes on existing balances if you have paid on time
  • --Make card payments fairer by letting you apply a portion of your payment to higher interest debt
  • --Let you say no to unexpected rate or fee increases

This bill has yet to be voted on, but we need security today. Tell our leaders in Congress to schedule a vote on the bill now, before they quit for the year!

read petition letter ▾
Dear [Decision Maker],

As I watch our economy freefall due to the mortgage lending meltdown, I urge you to prevent another credit crisis by voting for the Credit Card Bill of Rights (HR 5244) before you adjourn for the year. This bill will help ensure consumers are not subjected to abusive lending practices by the credit card industry, and help keep our economy on more stable footing during these trying times.

HR 5244 would end credit card issuers' abusive lending practices at a time when the American economy is being pummeled by the collapse of another industry based on unsavory lending: the sub-prime housing market.

Many consumers are living day-to-day, worried about paying for the necessities of life. Increasingly, families are relying on their credit cards to make ends meet. Credit card issuers take advantage of this situation by engaging in reckless and unfair lending practices, hitting cardholders with costly and unjustified interest rates and fees.

Such fees and interest rate hikes on existing credit card balances can seriously destabilize a family's finances quickly, as they must make minimum payments that are substantially higher than before.

HR 5244 will not prevent consumers from getting access to credit. HR 5244 will, however, level the playing field for consumers in several significant ways:

-- It will stop companies from hiking interest rates on existing balances if the customer hasn't been more than 30 days late paying;

-- More fairly distribute payments to high-interest debt. Companies now keep consumers from paying down high-interest balances until we've paid off low-interest ones first;

-- End bait and switch contract clauses, where companies give themselves the right to raise fees or interest rates at any time for any, or no, reason.

-- Prohibit granting credit cards to children under 18.

Thank you for supporting HR 5244, common-sense reforms which are fair to both credit card issuers and consumers.

[Your Comments]

Sincerely,

[Your Name]
[Your Address]
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Such fees and interest rate hikes on existing credit card balances can seriously destabilize a family's finances quickly, as they must make minimum payments that are substantially higher than before. HR 5244 will not prevent consumers from getting access to credit. HR 5244 will, however, level the playing field for consumers in several significant ways: -- It will stop companies from hiking interest rates on existing balances if the customer hasn't been more than 30 days late paying; -- More fairly distribute payments to high-interest debt. Companies now keep consumers from paying down high-interest balances until we've paid off low-interest ones first; -- End bait and switch contract clauses, where companies give themselves the right to raise fees or interest rates at any time for any, or no, reason. -- Prohibit granting credit cards to children under 18. Thank you for supporting HR 5244, common-sense reforms which are fair to both credit card issuers and consumers. [Your Comments] Sincerely, [Your Name] [Your Address]

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