WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after the House passed the Credit Cardholders’ Bill of Rights with a bipartisan vote of 357 to 70:
“Today, the House of Representatives took a critical step in helping Americans who are struggling to make ends meet during this economic downturn. Families are at a significant disadvantage when dealing with credit card companies, and are too often the victims of unfair and deceptive practices. The Credit Cardholders’ Bill of Rights puts an end to those practices, including arbitrary interest rate increases, due date gimmicks, and ‘double cycle’ billing. This is one more step in our efforts to assist responsible, hardworking Americans who should not be subjected to these practices at any time, much less during a recession.
“As we work to protect consumers, I look forward to working with the Senate to get this legislation to the President’s desk for a signature as soon as possible.”