RevolutionLiz Pulliam Weston has put up an article over at MSN calling for credit card customers to get behind an bill (HR 5244) revamping the rights and responsibilities of the credit card issuers and putting an end to excessive fees and unfair practices in the credit card industry.

Some components of this “bill of rights” for credit card carriers include:

  • Banning of excessive fees - UK law limits creditors from collecting fees that are in excess of costs they actually incur, and given the fact that our credit card approval and accounts systems are automated, here that means we should be paying practically nothing when our accounts go slightly over.
  • Restore the 30 day grace period - Since the 90’s, our grace period times have been shrinking, causing more and more consumers to carry billable balances.
  • Make our “fixed” rates fixed - No where else in the lending industry can a lender change the terms of the “fixed” contract except for credit card issuers.
  • No more “any-excuse” repricing - Tell us what actions will cause a rate increase, not just arbitrary terms that essentially mean “whenever you want.”

You can read her article here on MSN Money.

Image from hardmoney-revolution.com

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