http://troubleforvinyl.friendlinkup.com/ The ramblings and experiences of rodolfo gutierrez aka ru en http://troubleforvinyl.friendlinkup.com/2008/09/22/credit-cardholders-bill-of-rights.html Today the House of Representatives passed HR 5244 -the credit cardholders bill of rights, lets hope the senate does not crush it. from Speaker Pelosi’s blog:  The Credit Cardholders’ Bill of Rights September 23rd, 2008 by Karina Credit card debt in the US has reached a record high of nearly $1 trillion, averaging $9,840 per household. With the economy slowing, costs of daily living as well as unemployment rising, growing numbers of cardholders are not in a position to retain up with their payments as well as are being taken advantage of by an industry with few regulations as well as little oversight. In 2007, credit card issuers imposed $18.1 billion in penalty fees on families carrying credit card balances—up more than 50% since 2003 as well as accounting on behalf of nearly half of the $40.7 billion in credit-card industry profits. While credit card companies shall pull in more than $19 billion this years from late fees, over-limit charges, as well as other penalties, consumers nationwide are facing excessive credit card fees, sky-high interest rates, as well as unfair, incomprehensible agreements that credit card companies revise at will. This afternoon, the House passed HR 5244, the Credit Cardholders’ Bill of Rights, to provide crucial protections against unfair, but all too common, credit card practices: Ends unfair, arbitrary interest rate increases, by requiring ample notice before rate hikes as well as permitting lenders to raise rates on existing balances only if minimum payments are more than 30 days late (except on behalf of increases caused by changes in stated variable as well as introductory offers) Ends penalties on cardholders who pay on time, like charging interest on already repaid debt Protects consumers from due date gimmicks by requiring credit card companies to mail bills 25 days (instead of 14) before the due date Ends the credit card practice of applying consumer payments to lower interest debt first Learn more about the Credit Cardholders’ Bill of Rights>>        Mon, 22 Sep 2008 15:27:28 -0400 troubleforvinyl