Credit Card Holders Bill Of Rights Passes Critical Vote

The Credit Card Holders Bill of Rights [H.R.5244] has passed in the U.S. House of Representatives!

WASHINGTON, DC – House Financial Institutions and Consumer Credit Subcommittee Chairwoman Carolyn B. Maloney (D-NY) , [pictured left] introduced the “Credit Cardholders’ Bill of Rights Act of 2008” (H.R. 5244).

The bill abolishes major industry abuses that unfairly hurt consumers while fostering fair competition and free market values.

Congresswoman Maloney feels our pain.

“A credit card agreement is supposed to be a contract, but in recent years cardholders have lost the ability to say no to unfair interest rate hikes and fees. This balanced, moderate bill simply levels the playing field between card companies and cardholders while fostering fair competition and free market values. It sets no rate caps, fees, or price controls, nor does it dictate any business models to card companies,”

This is GREAT NEWS! But there is still a major battle ahead.

The Credit Card Holders Bill of Rights is still ONLY a Bill and it's sitting on Capital Hill. WATCH: School House Rock's "How A Bill Becomes a Law" for some fun education about how a Bill becomes a Law:
To watch the video on YOUTUBE.COM, click here


Here's SOME of what the Credit Card Holders Bill of Rights will provide:

• Amends the Truth in Lending Act to prohibit a creditor from using information in a consumer report or any change in a consumer's credit score, as the basis for increasing any interest on the consumer's outstanding balance.
  
  
• Eliminates Universal Default.
  
  
• Restricts the frequency of over-the-limit fees.
  
  
• Requires 45 days advance notice of credit card account rate increases (up from 14 days).

DEBT WARRIORS will keep you updated on the Status of the Credit Card Holders Bill of Rights.

You may need to take some action steps in the next few months. You may need to contact U.S. Lawmakers (call write-in etc) to help get this Bill passed into a Law.

You may also want to learn more about DEBT WARRIORS 'Credit Medic Video Course'.

Credit Medic is a Video Course that teaches you to negotiate your Credit Card Debt for YOURSELF. You have the RIGHT to negotiate and settle your Credit Card Debt (for Yourself)! The Credit Medic Video Course will show you how to do it and save thousands. To learn more about Credit Medic, click here.
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