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New bill will make the Credit CARD Act effective December 1, 2009

Consumers have been footing the bill for credit card companies who are trying one last attempt to turn a profit.

Thursday, September 24, 2009

Credit CARD Act: Statement by Consumers Union

Washington DC–Today House Financial Services Chairman Barney Frank and Representative Carolyn Maloney introduced a new bill (HR 3639) to make the Credit CARD Act, signed by President Obama in May, effective December 1, 2009 instead of the scheduled date of February, 2010.

Pam Banks, senior policy counsel for Consumers Union, made the following statement:

“This new bill from Chairman Barney Frank and Congresswoman Maloney does not come a day too soon. Since the Credit Card bill was signed in May, consumers have been footing the bill for greedy credit card companies who are trying one last attempt to turn a profit. Too many consumers have seen their rates double—even triple—in the last three months as credit card companies try to sneak one last rate hike in before the new rules take effect.

Kristina Edmunson or David Butler, 202-462-6262

Consumers Union, publisher of Consumer Reports magazine, is an independent, nonprofit testing and information organization serving the consumer. We are a comprehensive source of unbiased advice about products and services, personal finance, health, nutrition, and other consumer concerns. Since 1936, our mission has been to test products, inform the public, and protect consumers.