Credit Cardholders’ Bill of Rights

As we await the decision of the $700 billion bailout of the troubled mortgage industry, the discussion of A Credit Cardholders’ Bill of Rights has still got Banks and consumers talking.  The Bill of Rights protects consumers from things that have become a bit too common in the credit card industry - questionable late fees and interest rate hikes without prior notification, and requiring clear disclosure of terms and conditions.

Within minutes of the approval of such measures, several banks expressed their disappointment and opposition, including America’s Banking Association.  They claim such a move will actually increase the cost of credit for both consumers and small businesses, as indicated in their press release.