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More Credit Card Reforms Proposed

Beleaguered credit card account holders may have some more relief coming in the form of the “Credit Cardholders Bill of Rights”. The Credit Cardholders Bill of Rights is a bill in congress that is designed to protect cardholders from unfair practices. The first hearing is set for next week.

This new bill is the result of a massive outpouring of complaints aimed at the credit card industry and is designed to halt a pattern of deceptive and misguiding behavior on the part of banks and credit card issuers. It is said that President Barack Obama supports legislation to protect cardholders and if the bill passes Congress, Obama is likely to sign it.

One of the major reasons for reform is the nasty little habit of banks and card companies raising interest rates on credit cards that were originally issued with the promise of having a fixed rate set for the life of the card, as long as all bills were paid on time. Many issuers have decided that they no longer like those terms so they unilaterally raised the APR on their cardholders. They changed the rules in the middle of the game.

We will of course, keep you posted on all new developments regarding these important reforms including greater detail of what the bill is specifically designed to do. Feel free to bookmark our site if you haven’t already done so and check back with us often for news and updates.

Related Information:

  1. Proposed Bill Will Make It Mandatory To Disclose Dangers Of Debt There is a new bill being discussed whereby credit card companies would be forced to educate prospective cardholders on the danger of debt….
  2. Bank of America Will Not Raise Rates Ahead of Reforms Bank of America has agreed not to raise interest rates ahead of credit card reform….
  3. Credit Card Reform May Be Moved Up There is a call on Capitol Hill to move up the credit card reform deadline by three months….
  4. Obama Supports Credit Card Reform Now the Obama administration is throwing their weight behind credit card reform….