House Approves Credit Card Bill: Statement by Consumers Union
WASHINGTON – The U.S. House voted 361-64 to approve a historic bill to stop credit card companies from arbitrarily raising interest rates on existing balances and prohibit other unfair and abusive practices. The bill, which was approved by Senate on May 19, is headed to White House for President Obama’s signature.
Pamela Banks, senior policy counsel for Consumers Union, made the following statement today after the House vote:
“It’s a win for everyone who’s ever been abused by the tricks and traps of the credit card industry. Banking lobbyists have blocked reforms for years, but when credit card companies started raising rates without warning or explanation while people are struggling, the government was compelled to step in. Consumers got fed up, they spoke out, and Congress passed a bill by an overwhelming margin. Now that the House and Senate have passed the bill, consumers are just one step away from getting some relief.”
