Credit Cardholder’s Bill of Rights

23 May Credit Cardholder’s Bill of Rights

The Senate passed the Credit Cardholder’s Bill of Rights on May 20, 2009. The bill already passed the House of Representatives and will now go to President Obama for his signature.

This piece of legislation actually limits some of the credit card company’s methods of doing business. It forces them to be more honest and forthcoming in explaining their practices and to comply with some of the requirements of the Truth in Lending Act as far as full disclosure of interest rates and finance charges are concerned.

For years now the credit card industry has had a pretty free ride: raising rates and changing the terms of their contracts at any time. This new bill will, hopefully, stop some of those abuses and give consumers a better understanding of the way their credit cards work and how much they are being charged.

The Boston Globe provides a list of these changes.

Related Posts Plugin for WordPress, Blogger...
The following two tabs change content below.
Douglas Jacobs is a California bankruptcy attorney and partner in the Chico law firm of Jacobs, Anderson, Potter & Chaplin. Since 1988, Mr. Jacobs has taught Constitutional law and Debtor-Creditor/Bankruptcy law at the Cal Northern School of Law. He has served as Dean of Students since 1994. He is a frequent lecturer on the subject of consumer bankruptcy law, and has spoken at both state and national levels.
No Comments

Sorry, the comment form is closed at this time.