Credit card laws
Re: "Keep applying pressure on credit card issues" (editorial, April 2).
I appreciate the Courier-Post for alerting the public to a type of bait-and-switch used by credit companies and for providing a way for consumers to fight back. We must join together for the good of all to fight these unfair practices.
I made copies of the credit card letter to lawmakers that ran on the Opinion page and presented them to classmates, business associates and family and friends and sent them back to the Courier-Post.
A big thank you must go to U.S. Rep. Rob Andrews, D-Haddon Heights, for his continued support of the people. U.S. Rep. Jim Saxton, R-Mount Holly, said he lacks evidence to support proposed credit card laws that would have tough consumer protections. And U.S. Rep. Frank LoBiondo, R-Ventnor, said it's a matter between debtors and debtees. However, Andrews stood up and said, "You can't change rules in the middle of the game, it's unfair to consumers."
Another big thank you must go to U.S. Rep. Bernie Sanders, I-Vt., for sponsoring two bills to ensure fair treatment by credit card companies. The first bill caps interest rates at 8 percent above what the IRS charges delinquent accounts, caps late fees at $15 and prohibits universal default. The second bill covers universal default, informing consumers of the time needed to repay debt and mandating notification from credit cards before they raise interest rates.
These bills are meant to protect us. Discrimination and unfairness affect us all. Stand up and be counted; we don't have the privilege of giving ourselves a raise.
Source: http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/20060426/OPINION/604260318/1047
I appreciate the Courier-Post for alerting the public to a type of bait-and-switch used by credit companies and for providing a way for consumers to fight back. We must join together for the good of all to fight these unfair practices.
I made copies of the credit card letter to lawmakers that ran on the Opinion page and presented them to classmates, business associates and family and friends and sent them back to the Courier-Post.
A big thank you must go to U.S. Rep. Rob Andrews, D-Haddon Heights, for his continued support of the people. U.S. Rep. Jim Saxton, R-Mount Holly, said he lacks evidence to support proposed credit card laws that would have tough consumer protections. And U.S. Rep. Frank LoBiondo, R-Ventnor, said it's a matter between debtors and debtees. However, Andrews stood up and said, "You can't change rules in the middle of the game, it's unfair to consumers."
Another big thank you must go to U.S. Rep. Bernie Sanders, I-Vt., for sponsoring two bills to ensure fair treatment by credit card companies. The first bill caps interest rates at 8 percent above what the IRS charges delinquent accounts, caps late fees at $15 and prohibits universal default. The second bill covers universal default, informing consumers of the time needed to repay debt and mandating notification from credit cards before they raise interest rates.
These bills are meant to protect us. Discrimination and unfairness affect us all. Stand up and be counted; we don't have the privilege of giving ourselves a raise.
Source: http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/20060426/OPINION/604260318/1047
posted by bradley at 6:50 PM
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