Credit Cards Informative - Reining In Credit Card Nonsense-Credit Cardholder'S Bill Of Rights Act
ConsumerMan: Reining in credit card nonsense
Credit Cardholders’ Bill of Rights Act aims to end unfair practices
By Herb Weisbaum
Could it be? Is Congress really ready to put an end to the credit card industry’s most abusive practices? A bill introduced a few weeks ago by Rep. Carolyn Maloney (D-NY), would change the way most credit card companies do business and provide significant consumer protection for every cardholder.
“In recent years the playing field between credit card companies and credit cardholders has become very one-sided,” Maloney said. “A credit card agreement is supposed to be a contract, but what good is a contract when only one party has the power to make decisions?”
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