User Comment by Paul on Chase Credit Cards







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Paul's Comment on
Chase Credit Cards

Re: Congress will not do anything about these credit companies

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Main thread--Chase Credit Cards

From: Paul
State: Indiana
Posted: 02/13/2009
Subject: Congress will not do anything about these credit companies
Comment:
Even though our congress knows these credit card companies commit fraud they will not do anything about it. See the letter I got back from my congressman.

Dear Paul:

Thank you for contacting me to express your concerns regarding credit card interest rates. I appreciate hearing from you.

I share your concerns. That is why on September 23, 2008, I supported and the House approved H.R. 5244, the Credit Cardholders' Bill of Rights Act of 2008, by a vote of 312 to 112. Introduced by Rep. Maloney, H.R. 5244 would have required credit card companies to give cardholders 45 days notice of any interest rate increases, and would have prohibited companies from retroactively increasing interest rates on an existing balance or arbitrarily changing the terms of a contract. The measure also would have required credit card companies to mail billing statements 25 days prior to the due date. Additionally, H.R. 5244 would have prohibited credit card companies from using terms such as "fixed rate" and "prime rate" in a misleading or deceptive manner, and would have increased Congressional oversight of industry profits and credit card fees and rates.

Unfortunately, the Senate did not consider this measure prior to the adjournment of the 110th Congress. Should similar legislation be introduced in the 111th Congress, be assured that I will monitor it with your views in mind.

Thank you again for contacting me. Do not hesitate to let me know if you have any other questions or concerns.


Sincerely,

Peter J. Visclosky
Member of Congress




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