Will Colorado Dems Win Rights for Credit-Card Holders?

April 2009

udall-mark_with-flagTwo Colorado Democrats are targeting exorbitant, unexpected interest charges on credit cards as consumers wallow in debt approaching $1 trillion--double what they owed only 12 years ago, according to Fort Collins Now, which writes that U.S. Representative Betsy Markey and U.S. Senator Mark Udall are co-sponsoring the Credit Card Holders' Bill of Rights. The bill would ban retroactive rate hikes on existing balances, require advance notice of rate hikes, and give cardholders more say in their credit limits. A similar bill by Udall (pictured) passed in the House last year, when he was a representative, but failed in the Senate. President Barack Obama is inclined to support the bill, according to The New York Times, noting the House could approve the legislation next week. Still, many Republicans are strong supporters of credit card issuers and oppose the plan. The Conejos County Citizen adds U.S. Senator Michael Bennet to the list of possible backers. He is wary of companies that have raised rates without explanation. Susan Wones, a credit card user, tells 9News she was given an introductory zero percent interest rate that was "jacked up to 32 percent."

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