Wittman update on Credit Cardholders’ Bill of Rights Act

Guest post by Rep. Rob Wittman (R-VA01)

This week in Washington, Congress has taken action to reign in credit card companies from performing unscrupulous business practices. Unfortunately, I’ve heard from many constituents who have received a letter from their credit card company notifying them that their card’s limit has been reduced or their interest rate has been raised without notification.

Even with a history of prompt payments you can still be affected. I myself have been hit by such a practice. I had a credit card which I paid in full and used responsibly. One day I received a letter in the mail informing me that my credit limit had been severely reduced. In fact, the new limit was lower than my current balance, so I had to pay an over the limit penalty. All of this was described in a letter just two sentences long; no further explanation. These sorts of practices have become common place in today’s economy, are deceptive to consumers, and often have ramifications for their credit score.

To combat this trend, the House of Representatives passed H.R. 627, the Credit Cardholders’ Bill of Rights Act this week with bipartisan support and my vote. The bill prohibits a creditor from adjusting any annual percentage rate on preexisting balances, except in certain circumstances, requires increased disclosures to consumers, requires 45 days notice before interest rates are increased, and outlaws providing a credit card to an individual under the age of 21 without a cosigner or a demonstrated ability to afford payments.

I was proud to support this legislation which will stem these all too common practices, which the U.S. Federal Reserve has already declared as “deceptive, unfair and anti-competitive.” Credit cards play an important role for many small businesses and consumers who rely on them to make payments until cash comes into their accounts. If used responsibly, they are a great tool for many to take advantage of. But the current regulations are outdated and many folks have paid the price for these shortcomings.


Congressman Rob Wittman represents the First District of Virginia. He was elected to his first full term in November 2008 and serves on the Natural Resources Committee and the Armed Services Committee where he is the Ranking Member of the Oversight and Investigations Subcommittee.

Сейчас уже никто не берёт классический кредит, приходя в отделение банка. Это уже в далёком прошлом. Одним из главных достижений прогресса является возможность получать кредиты онлайн, что очень удобно и практично, а также выгодно кредиторам, так как теперь они могут ссудить деньги даже тем, у кого рядом нет филиала их организации, но есть интернет. http://credit-n.ru/zaymyi.html - это один из сайтов, где заёмщики могут заполнить заявку на получение кредита или микрозайма онлайн. Посетите его и оцените удобство взаимодействия с банками и мфо через сеть.