WASHINGTON, D.C. - U.S. Rep. John Spratt (D-SC) Wednesday voted to move up the start date of the Credit CARD Act to protect consumers from some of the worst practices of credit card companies.
“Credit card companies have taken advantage of the implementation period between the Credit CARD Act’s passage and the February 22nd start date to raise interest rates, minimum payments, and fees on consumers,” said Spratt. “I was pleased to vote to move up the start date and protect people from these abusive practices.”
Spratt said the Expedited CARD Reform for Consumers Act moves up the effective date for these critical credit card reforms from February 22nd to immediately following the President’s signing of the bill.
The original legislation includes crucial measures that protect consumers from unfair interest rate hikes on existing balances, double-cycle billing, and due-date gimmicks. The bill is aimed at bringing transparency and fairness to the credit card industry and providing customers with the information they need to make smart financial decisions.
