Political Quotes

“I am pleased today to be reintroducing comprehensive credit card legislation that would reform credit card practices and prohibit card issuers from continuing policies that are threatening the financial security of American consumers and their families. The Credit Card Accountability, Responsibility and Disclosure Act, Credit CARD Act, will help to end the practices that cost American families billions of dollars each year. This is a time of serious hardship for American families. As losses mount as a result of the economic crisis, lenders are squeezing consumers, often unfairly and without adequate notice, by raising credit card rates and tightening repayment terms. Credit card delinquency rates are inching higher, and repayment rates are dipping. At a time when Americans are becoming increasingly reliant on credit cards, credit card companies are being more aggressive about finding ways to charge their customers. Over $17 billion in credit card penalty fees were charged to Americans in 2006--a ten-fold increase from what was charged just ten years ago. These penalties are contributing to the avalanche of credit card debt under which many American consumers increasingly find themselves buried. In my travels around Connecticut, I hear frequently about the burden of these credit card practices from constituents. Connecticut has the third-highest median amount of credit card debt in the country--$2,094 per person.”