Political Quotes

“I rise to introduce the Credit Card Minimum Payment Notification Act. Many Americans now own multiple credit cards. The average American has four credit cards, and 1 in 7 Americans hold more than 10 cards. The proliferation of credit cards can be traced, in part, to a dramatic increase in credit card solicitation. In 1990, credit card companies sent about 1.1 billion solicitations to American homes; in 2006, they sent over 9.2 billion. As one would expect, the increase in credit card ownership has also yielded an increase in credit card debt. Individuals get 6, 7, or 8 different credit cards, pay only the minimum payment required, and many end up drowning in debt. That happens in case after case. Over the past two decades, the credit card debt of American consumers has nearly tripled--from $238 billion in 1989 to a staggering $800 billion in 2005. As a result, the average American household now has about $9,500 of credit card debt. That is almost twice the average level of credit card debt from just 10 years ago. In light of these figures it should be no surprise that vast numbers of Americans have been filing for bankruptcy in recent years. In 2005-- just before the implementation date of the Bankruptcy Reform Act--over 2 million non-business bankruptcies were filed. Many of these personal bankruptcies are people who utilize credit cards. The benefits and flexibility these cards offer are enormously attractive.…”