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Issue Position: Credit Card Reform

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Congressman Sherman cosponsored the CreditCardholders Bill of Rights Act, which President Obama signed into law last May. The new law bans retroactive interest rate hikes on existing balances, double-cycle billing and due date gimmicks. The bill also protects cardholders against arbitrary interest rate increases and requires the card companies to allocate payments to pay-off the debt that bears the highest interest rate first. It requires companies to mail statements at least 21 days before the due date. Some credit card companies are trying to increase rates before the new law goes into effect. That's why Congressman Sherman cosponsored the Expedited Card Reform Act to move up the effective date of these reforms.


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