Archive for the ‘chirs dodd’ tag
Support the Credit Card Accountability Act
After reading Credit Card Nation and Maxed Out a few years ago credit cards are another reason to hate bankers honestly. Now Chris Dodd is aiming to do something about the way banks wield credit cards over an unsuspecting public.
“The Credit CARD Act would level the playing field between borrower and lender by putting an end to some of the most arbitrary, abusive, and unfair credit card lending practices that trap consumers-particularly disadvantaged and minority borrowers-in an unending cycle of costly debt. The bill would:
- Protect consumers from “any time, any reason” interest rate increases and account changes;
- Prohibit unfair application of card payments;
- Protect cardholders who pay on time;
- Limit fees and penalties;
- Ensure that cardholders are informed of the terms of their account; and
- Protect young consumers from credit card solicitations.
