H.R.5244 - Credit Cardholders' Bill of Rights Act of 2008 Sponsor: Carolyn Maloney / 110th Congress

Title
110th Congress - To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes. hidemore...
Summary
To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes. (by CRS)
Status
The bill was voted on in the House on September 23, 2008

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I say yes by Danielle Fitts, Jun 9, 2008 (4:52pm)

This bill pits consumer advocacy groups against large banking companies. With bankruptcy, debt, and foreclosures at an all time high, the House of Represeantatives, the Senate, and the Federal Reserve have decided that something needs to be done. Rep. Maloney’s bill will curb unfair interest hikes for credit card bills and generally protects consumers against misleading credit card advertising. Credit card companies assert that the bill will have unintended consequences by increasing the cost of credit and limiting access to credit for people who need it. Advocates for both sides, however, agree that some kind of reform should be considered. Rep. Maloney’s bill will be a good step in the right direction toward more responsible credit card use and it will help consumers better manage their credit without interference by confusing language or enticing advertisments. The possibily of the negative effects do not supersede the promise of improved credit practices.

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