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Rep. David Scott (D-GA) released the following statement today in support of the Credit Cardholders' Bill of Rights Act, which passed the House today with bipartisan support and will now go to the President for his signature.

“In recent months every American, from homeowners to bankers, have felt the effects of a down economy and a strained credit industry,” stated Rep. Scott.  “And while the credit industry plays an essential role in our consumer economy, it is unjust for credit card companies to exploit consumers and arbitrarily increase credit card rates on responsible consumers.”

“Most American families are budgeting their finances, using credit cards responsibly and paying their bills every month; yet one-fifth of Americans carrying credit card debt pay an interest rate above 20 percent.  The practices that many credit card companies have adopted – making profits at the expense of responsible credit cardholders – are incomprehensible and go against our economic values that reward hard work and responsibility.”

“The Credit Card Accountability, Responsibility, and Disclosure Act takes important steps to mandate greater transparency, ban unfair rate increases and forbid abusive fees and penalties.  It will also more closely monitor the industry and hold companies responsible for their deceptive practices and penalties and violations of the law.”

Summary of Credit Cardholder's Bill of Rights Act