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Tell the new Congress to Support Real Credit Card Reforms!
Goal: 50,000 messages
So far: 41,501!Keep 'em coming!
Unexpected credit card "gotchas" can cost you thousands! But Congress can set reasonable limits that allow credit card companies to charge fairly and make a profit without the "gotchas." The GAO just released a study supporting sensible reforms, and "Maxed Out," the new movie on over-extended Americans, opens soon. We have momentum now, but lawmakers must hear from you.
As members of the new Congress set their priorities, remind them to focus on the pocketbook issues that affect all Americans. Simple, sensible credit card reforms can make a huge difference in our daily lives. Just fill out the form below, and deliver a strong message.
Yes, I would like to receive free periodic consumer updates from Consumers Union.
Support Credit Card Reform!
Dear [Decision Maker],
I urge you to vote in favor of legislation to end abusive credit card practices and empower me to effectively manage my finances.
Please personalize your message. I take responsibility for my credit card payments. So I expect the credit card companies to do the same. I expect an END to:
* late fees if my bill payment is postmarked by the due date;
* retroactive interest rates - changes that apply a higher interest rate to charges I made under the old interest rate;
* interest rate increases due to a late payment I made on some other debt;
* over-limit fees if my credit card company has pre-approved the charge.
* Each bill should update me about the financial result of making a
minimum payment--how long it will take to repay the balance and how much it will cost in interest;
* The pricing disclosed in the contract and in my bills must be simpler and easier to understand.
Finally, if I can't always understand my credit card contract, how can I expect my teenaged children to understand. Congress should protect young consumers from marketing practices that place them at risk of crushing debt that can ruin their financial futures.
It's time to bring some fairness for consumers into the credit card marketplace. Bills like S. 499 (the "Credit Card Accountability,
Responsibility, and Disclosure Act"),
S. 393 (the "Credit Card Minimum Payment Warning Act of 2005"),
S. 2655 (the "Credit Card Reform Act")
and H.R. 3492 (the "Consumer Credit Card Protection Act")
offer these kinds of protections. Don't let another year go by without acting on this important issue.
Sincerely,
[Your Name][Your Address][City, State ZIP]
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