Pink Fire Pointer Credit Card Bill of Rights Act

Credit Card Bill of Rights Act

The authors of the draft law in New York Representative Carolyn Maloney, and House Financial Services Chairman Barney Frank is an end to the abuses seen in the area of credit cards. Such a "credit card" Bill of Rights Bill is designed to stop many kinds of higher interest rates that the owners are a number of reasons.

Specifically the bill, it would be difficult to credit card issuers to justify increasing prices for cardholders, the prohibition of the following:

* Plata late fees for cardholders, even if the payments were 7 days before the day
* The use of lower interest payments balances before balances with high interest in a bank account
* Retroactive increase in interest rates on balances incurred at a lower rate
* Nazhivka and switches increase in interest rates and excessive fees for any reason or no
* The burden of interest on balances already paid

It would be difficult for members of Congress voting against this law, if on behalf of their financial difficulties. However, Congress has always been under the influence of deep pockets credit card companies and their lobbyists.

To their credit, most large companies, credit cards, voluntarily made adjustments in its policy to reimburse consumers convenient practice. Many industry analysts rightly require that credit card issuers to predict the only member of Congress to try to prove they can govern themselves. This was seen as an attempt to avoid further regulation.