As the economy tightens, consumers are feeling the squeeze. To make matters worse, credit card companies continue to grab dollars from our wallets through unfair and excessive fees and arbitrary interest rates hikes.
The good news is consumers like you are sending Congress a powerful message. Because of your enthusiastic response, in February we hand-delivered 120,000 Valentines Day cards to Congress from people like you -- asking them to help us "kiss credit card rip-offs goodbye!"
Now it's time to turn that message into strong support for important legislation recently introduced in Congress. We have huge momentum, but this bill needs cosponsors. Take a moment to help us get the cosponsors we need to move the bill to the House floor.
Tell your lawmaker you want real credit card reform now!
Dear [Decision Maker]:
If you have not already done so, please cosponsor H.R. 5244, the Credit Cardholders' Bill of Rights Act which helps rein in abusive and unfair practices of credit card companies.
Years of excessive fees and unfair interest rate hikes have contributed to escalating credit card debt. Now, as the economy weakens, it's time for Congress to make sure credit card companies play fair. The Credit Cardholders' Bill of Rights stands for the basic rules of fair dealing that every American plays by. Credit card companies should too. HR 5244 ensures that:
-- A Deal is a Deal. Under HR 5244 credit card companies must spell out, in advance, the reasons they will raise their interest rates or fees. I deserve to know when and why my rates will rise.
-- Credit Card Companies Can't Change the Rules In the Middle of the Game. HR 5244 prohibits credit card companies from imposing certain types of unfair rate hikes on balances incurred when the interest rate was lower.
-- A Grace Period is a Grace Period. HR 5244 puts an end to hidden finance charges on balances repaid during the grace period.
-- I Have the Right to Cancel and Pay Off My Balance Under the Old Terms. HR 5244 gives me more advance notice of interest rate hikes, the right to cancel the card and to pay off my balance over time at the old rate.
-- My Payments Can't Be Gamed by the Credit Card Companies. H.R. 5244 ensures that when I pay my bill, my payment will be fairly applied to balances I hold at different interest rates so that I am allowed to pay down their higher rate balance before excessive finance charges build.
-- I'm Given Enough Lead Time to Pay My Bill. HR 5244 requires that credit card bills be mailed 25 days prior the due date, to stem the ever shrinking repayment period that can result in more late fees.
H.R. 5244 simply reinstates the common sense rules of fair dealing. Please cosponsor this important legislation, or if you have already done so, please contact House leadership and urge them to make credit card reform a priority this Congress.
