The bill rests on the basic rules of fair dealing that Americans expect everyone to play by. It
curbs some of the most arbitrary, abusive, and unfair credit card lending practices that trap
consumers in an un-ending cycle of costly debt. These tricks and traps have always been unfair,
but they produce devastating financial repercussions in times of economic difficulty. Working
families are particularly hard hit as they are paying more each year in unreasonable fees and credit
card interest. Signs that credit card delinquencies and defaults are rising to historically high levels
strongly suggests that many families cannot sustain the cumulative burdens of these abuses. The
sub-prime meltdown demonstrates the importance of ending abusive lending practices when
warning signs arise. Congress should take steps now to rein in these practices to forestall an even
greater economic crisis.