PERLMUTTER VOTES TO PROTECT CONSUMERS FROM UNFAIR, ABUSIVE CREDIT CARD COMPANY ACTIONS

November 4, 2009

Today, U.S. Rep. Ed Perlmutter (CO-07) lead the debate to accelerate critical reforms to protect consumers from the abusive practices of the credit card industry. Following debate, Perlmutter and his colleagues voted to move up the start date of the Credit CARD Act to limit the worst practices of credit card companies.

Perlmutter stated, “Hard working Americans who make payments on time, have good credit, and live within their means see their rates increase without notice and without cause.

“In a time when many Americans are struggling to pay their mortgage, when healthcare costs are skyrocketing, and many are out of work, unfair credit card practices threaten many families. Americans deserve a fair shake. They deserve transparency, not smoke and mirrors. They deserve reliability, not chaos in their statements. Expediting credit card reforms will level the playing field between consumers and credit card companies and provide much-needed financial relief to consumers.”

The Expedited CARD Reform for Consumers Act moves the effective date for these critical credit card reforms from February 22, 2010 to December 1, 2009. The original legislation includes measures to protect consumers from unfair interest rate hikes on existing balances, double-cycle billing and due-date gimmicks. The common-sense reforms in this bill will bring transparency and fairness to the credit card industry and will provide customers with the information they need to make smart financial decisions.

Our economic recovery depends on hard work, financial responsibility and shared prosperity. This bill supports Congress’s long-range plan to protect consumers and bring common sense reform to the financial system.