Rep. Debbie Wasserman Schultz votes to further protect consumers from unfair, abusive credit card company actions

(Washington, DC)  – Today, Rep. Debbie Wasserman Schultz voted to accelerate critical reforms that will protect consumers from the abusive practices of the credit card industry. By moving up the start date of much of the Credit CARD Act, Congress can limit the worst practices of credit card companies before the full law takes effect. The Credit CARD Act implemented tough regulations on the credit card industry and empowered consumers by equipping them with the tools they need to manage their own credit.

“I fully support my colleagues in Congress for working to move up the start date of the Credit CARD Act to protect American consumers,” said Rep. Debbie Wasserman Schultz. “Credit card companies have taken advantage of their consumers during the implementation period between President Obama signing the Credit CARD Act into law and the February 22nd start date. They’ve dramatically increased interest rates, minimum payments and fees on consumers.”

The Expedited CARD Reform for Consumers Act moves up the effective date for these critical credit card reforms from February 22nd to immediately following the President’s signing this bill into law. The original legislation includes crucial measures that protect consumers from unfair interest rate hikes on existing balances, double-cycle billing and due-date gimmicks. The common-sense reforms in this bill will bring transparency and fairness to the credit card industry and will provide customers with the information they need to make smart financial decisions.

“American families have been victims of credit card debt for far too long, The Credit CARD Act signed by President Obama will ease the harsh financial burden imposed on hard working American families by credit card companies,” said Rep. Debbie Wasserman Schultz. “Expediting credit card reform will level the playing field between consumers and credit card companies and provide much-needed financial relief to consumers.
Our economic recovery depends on hard work, financial responsibility and shared prosperity. This bill supports Congress’s long-range plan to protect consumers and bring common sense reform to the financial system.”