Niki Tsongas: “Last week I met with a small business owner from Concord, Massachusetts, who showed me several months of his credit card…”

“Last week I met with a small business owner from Concord, Massachusetts, who showed me several months of his credit card statements. Due to a 1-day late payment after years of on-time payments, his credit card company increased his interest rate by 15 percent, informing him that because of the increase, he will pay off his balance in 2,820 years. Thanks to the Credit CARD Act, such abuses are now illegal but only after more than a decade of trying to move these bipartisan and commonsense reforms through Congress. In response to the law, credit card companies are already devising new ways to exploit their customers, trusting in Congress' inability to respond quickly. The Consumer Financial Protection Agency will give small business owners like my constituent an advocate that can respond to shady practices as they evolve. Groups like the AARP have endorsed the idea of a strong Consumer Financial Protection Agency because it will be able to stand up for the little guy against the giants who have been able to set their own rules.”