Credit card reform bill passes House
Thursday, April 30, 2009
WASHINGTON, D.C. – The House today voted 357-70 in favor of a credit card reform bill aimed at stopping unfair lending practices and giving consumers better tools to manage credit. Pam Banks, senior attorney for Consumers Union, made the following statement after the passage of the bill:
“This is a big victory for any consumer who uses a credit card. The bill cracks down on abusive practices that trap people in a never-ending cycle of debt. Now that the House has approved the bill with overwhelming bipartisan support, the Senate needs to do the right thing. We’ve got to keep the momentum going. With the tough economy, it’s about time that Main Street got some relief.”
David Butler or Kristina Edmunson
Consumers Union, publisher of Consumer Reports, is an independent, nonprofit testing and information organization serving the consumer. We are a comprehensive source of unbiased advice about products and services, personal finance, health, nutrition, and other consumer concerns. Since 1936, our mission has been to test products, inform the public, and protect consumers.