For Immediate Release
April 30, 2009

Contact:
Aketa Marie Simmons
202-226-6709

WASHINGTON, DC—Today, Representative Marcia L. Fudge (OH-11), co-sponsor of the Credit Cardholder’s Bill of Rights (H.R. 627), voted for the bill. The Bill of Rights will provide increased protections against unfair, deceptive, and anti-competitive credit card practices.

"For far too long, credit card companies have abused customers who have paid their bills on time, and Congress is pushing to protect these hardworking Americans. My vote for the Credit Cardholder's Bill of Rights demonstrates my commitment to safeguarding consumers from unfair and deceptive credit card practices," said Rep. Fudge. "These practices perpetuate the cycle of debt and drain families of much needed funds."

"Under this bill, credit card companies will be banned from charging retroactive rate hikes on existing balances and will be required to give notice 45 days before an interest rate is increased. The bill also empowers consumers by allowing them to set limits on their credit,” continued Rep. Fudge.  

Additionally, the Credit Cardholder’s Bill of Rights would prohibit penalty increases of interest rates on existing balances unless a customer is more than 30 days late, ban double cycle billing, and require all payments to be posted to account balances in a fair and timely manner.

"I invite you to share your credit card stories with me by sending me an email at oh11.creditcardstories@mail.house.gov. Together, we can make a difference," said Rep. Fudge.

For detailed explanations on the provisions of the Credit Cardholder's Bill of Rights please click here.