The House of Representatives heard testimony last week from Senators, credit card users, consumer advocates and members of the credit card industry on the Credit Cardholders' Bill of Rights, legislation proposed by Representative Carolyn Maloney (NY-14) to address abusive practices of the credit card industry and improve consumer protection.
A spokesman from the CFA and Representative Maloney both pointed to the credit card industry's remarkable ability to make vast profits in what it describes as a "risky" industry.
Maloney hinted that the industry could save money by mailing fewer than five billion annual mail solicitations for credit cards, suggesting that interest rate hikes and late fees are only one way of making profit.
The COO of Citigroup's credit card division supported adoption of changes to credit card agreements proposed by the Federal Reserve.
If adopted, the changes would amount to a baby step toward credit card reform.
Psstt... did you know that Chapter 7 bankruptcy was designed to eliminate credit card debt?
Tags: chapter 7 bankruptcy, credit card, credit card fees, late fees
This entry was posted on Tuesday, April 22nd, 2008 at 2:12 pm and is filed under Credit and Bankruptcy. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.