Credit Cardholders Bill of Rights

Rep. Carolyn B. Maloney (D-NY) has posted a press release on her re-introduction of the Credit Cardholders Bill of Rights today along with Senators Charles Schumer and Mark Udall.

“A credit card agreement is supposed to be a contract, but in recent years cardholders have lost the ability to say no to unfair interest rate hikes and fees. This bill levels the playing field between card companies and cardholders while fostering fair competition and free market values. It sets no rate caps, fees, or price controls, nor does it dictate any business models to card companies. There is no doubt that credit card companies provide a valuable service and deserve to earn a fair profit, but consumers deserve the right to be able to understand their accounts and be empowered to control them. This bill would give cardholders the information and rights they deserve to make decisions about their own credit,” said Rep. Maloney.

Connie Prater at CreditCards.com takes a deeper look.