Hoyer: Consumers Feel the Credit Crunch

For Immediate Release:

October 29, 2008

Contact:

WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) today released the following statement on the consumer credit crunch:

In today’s New York Times, there is a story illustrating the devastating impact that the current economic crisis is having on Joe the consumer. Many Americans are finding changes to their credit cards, including decreased credit lines, increased rates, and the closure of inactive accounts. For financially strapped consumers, these sudden alterations make it more difficult to support their basic needs, such as food for their families and gas to get to work or job interviews.

“The Democratic Congress has responded to the economic challenges consumers face by passing financial rescue legislation that is already showing signs of thawing our credit markets. However, with banks still feeling the effects of the credit freeze, they remain cautious about lending.

“Democrats will continue to focus on how to help create jobs, revive our economy as soon as possible, and ensure that those being hit hardest in this economic downturn receive the help they need.  To that end, we are hopeful that Republicans will join with us in the coming weeks to pass a Main Street recovery package.”

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