Proposed Credit Card Bill of Rights

These days you really have to study your credit card bill closely. That's because some companies are raising interest rates no matter how good your track record.
The Bush adminstration got some new rules passed, but they won't go into effect until the summer of 2010.
That's why Senator Mark Udall wants to enact some changes now. He's pushing what he calls his Credit Card Bill of Rights. It would do these things: extend the amount of time you have to pay your monthly bill, give you a say on your credit limit, and limit the fees tacked onto your bill.
Udall says his goal is to rein in the credit card industry and make it more consumer-friendly.
Udall adds, "The industry has overreached frankly. They're receiving 18, 20, and 25 percent return on the money they provide. That's pretty excessive. You ought to be able to make a profit on five, six, seven, eight percent. But particularly in these tough, economic times, you want every dollar possible going to pay for that mortgage payment, making sure you've got gas in your automobile, and food on the table."
Udall says his measure cleared the House last year, but lost traction in the Senate. He believes with the worsening economy he can get the bill passed now when it can do the most good. We'll keep you posted.


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