Washington, DC – Congresswoman Shea-Porter today voted in favor of the Credit Cardholders’ Bill of Rights. The legislation, which the Congresswoman cosponsored, will now go to the President’s desk for signature.
“The days of double billing cycles and deceptive gimmicks are about to be over,” declared Congresswoman Shea-Porter. “This landmark legislation will protect consumers from unfair credit card agreements and will provide them with the information they need to make sound financial decisions.”
The Credit Cardholders’ Bill of Rights bans most interest rate increases on existing balances and increases notice of interest rate hikes going forward on new purchases. It requires that bills be sent 21 days before the due date; prohibits charging fees just to pay a bill by phone, mail or web; bans over-the-limit fees unless a consumer opts-in in advance; bans due-date tricks; requires payments to be applied fairly to the highest interest rate balance first; and strengthens credit card protections for young people.