Friend-
This week, I wrote an op-ed for the Denver Post explaining the benefits of the Credit Card Accountability Responsibility and Disclosure (“CARD”) Act, which takes effect next week. This legislation puts common sense rules in place that make it harder for credit card companies to take advantage of their customers. These reforms couldn’t come at a better time, as this tough economy has forced many families to rely on credit cards to buy food and pay their bills. Please check out my op-ed by clicking below.
The CARD Act will:
- Prevent credit card companies from randomly increasing interest rates and fees on existing credit card balances
- Prohibit banks from increasing interest rates within the first year of opening an account
- End the practice of double-cycle billing
- Require credit card companies to state their rules clearly and provide information regarding the consequences of only making the minimum monthly payments
These common sense reforms are a good start, but we need to finish the job when it comes to cleaning up Wall Street. We can start by making sure that taxpayers won’t be forced to bail out companies that are too big to fail. We need an independent agency dedicated to putting the needs of consumers first, so that the same banks and mortgage lenders they rescued won’t continue to take advantage of them. We simply can't afford to wait for the next crisis to hit before we reform Wall Street. We must keep this momentum going and finish the job now.
Sincerely,
Michael F. Bennet
