On the recordOctober 13, 2011
I just want to thank the gentleman for his statement. The Credit Cardholders' Bill of Rights, according to the Pew Foundation, saved consumers over $10 billion in the last year by cutting out unfair, abusive, deceptive practices--and I'm using the terms from the Federal Reserve. I am proud that it helps Americans better manage their credit. No longer can people raise rates any time, for any reason retroactively on their balances, trapping them, really, in a never- ending cycle of debt. I had many constituents who had purchased items, and they had paid so much in interest over that time that they could have paid for the car or the washing machine; yet they still had not paid it off. This is wrong and unfair. Central to this bill, it gives consumers the opportunity and the right to make a decision. If they're going to raise their rates, they must notify them, and the consumers have the choice of whether they opt in to a higher rate or pay off their cards and go to another provider that may have a lower rate. So it puts more competition in the system. It has lowered the interest rates, the fees, and has really helped consumers. I want to say that we were cochairs of the Consumer Justice Caucus. We started that, really, to build support for the bill, and you were a strong part of helping me pass it.
