Perlmutter Urges Credit Card Companies to Provide Rate Relief Now

Press Release

Today, U.S. Rep Ed Perlmutter (CO-07), a member of the House Financial Services Committee, voted to pass HR 627, the Credit Card Holder Bill of Rights, out of committee and to the full House of Representatives.

Perlmutter stated, "Week after week at my Government in the Grocery meetings I hear stories from my constituents about the hidden fees, double billing, and unpredictable interest rates they experience with their credit cards. These are very real problems facing not just high risk or low income credit card users, but all credit card users. They are issues I face in my own family. This bill addresses the excesses and bad practices that adversely impact users and will provide increased protections against unfair, deceptive, and anti-competitive credit card practices."

"In December, federal regulators proposed sweeping new changes to the credit card industry to protect consumers from rate increases on existing account balances. However, the credit card companies have until July 1, 2010 to implement these new rules. I urge the credit card companies to not delay and act now to provide these important protections to their consumers."

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