Fair Credit Card Practices Vote Due...But will the Big Banking Lobby Stall it?

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While Congress battles to keep homeowners afloat, the sharks are circling the boat. The credit card industry has run amok, and it's time to stop it. A tough House bill will finally harpoon the beast, but there are only four short weeks left to pass it before Congress adjourns.

Lawmakers know the damage. Don't let them ignore it. Tell your House member to stop credit card abuse right now.

The credit card reform bill (HR 5244) is ready for a vote on the House floor.

But the deep-pocketed banking lobby wants to stall it. With so little time left, any delay at all could put the bill back months or even kill it.

This bill will change the way credit cards work in three big ways. It will:

 1. Stop interest rate hikes by preventing companies from hiking rates on your existing balance if you haven't paid late.

2. Make payments more fair by letting you apply a portion of your payment to higher interest debt.

3.Give you more control by letting you say "no" to unexpected rate or fee increases.

These changes will directly benefit you with lower interest costs and greater control over those costs in the future. That's why we want to get this bill passed by the House now.

The big banks are swarming Congress to stall this bill. Make sure your lawmaker hears from real people, not just the bankers!

Take two minutes to take action.

Then forward info to your friends and family so they can take action. Odds are they've been stung by an interest rate hike or hefty fee, too.

Source: Consumers Union

For more info on credit card practices, tips and warnings see earlier blogs:

As College Students Race off to Campus -so do the Credit Card companies.

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