[Congressional Record Volume 154, Number 153 (Thursday, September 25, 2008)]
[Extensions of Remarks]
[Page E1969]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            CREDIT CARD HOLDERS' BILL OF RIGHTS ACT OF 2008

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                               speech of

                            HON. GENE GREEN

                                of texas

                    in the house of representatives

                      Tuesday, September 23, 2008

  Mr. GREEN of Texas. Madam Speaker, I rise in strong support of H.R. 
5244, the Credit Card Holders' Bill of Rights Act.
  It is all too common for hard-working Americans to be in debt because 
of credit cards. Many of my constituents struggle from paycheck to 
paycheck to make ends meet. Because of this they use credit cards as a 
means of acquiring the necessities of life, such as buying food for 
their family or paying utility or medical bills.
  For most Americans, the language credit card companies use is 
difficult to understand, so most do not know what they are getting 
themselves into when they sign up to receive a credit card.
  That is why I am pleased that my colleagues are considering H.R. 
5244--the Credit Card Holders' Bill of Rights Act--of which I am a 
proud cosponsor.
  This legislation gives rights back to the consumer, such as 
protecting them from arbitrary interest rate increases, early pre-
payment penalties, and excessive fees.
  This bill will help those Americans by requiring credit card 
companies to mail bills twenty-five days in advance before the bill is 
due and to notify the cardholders forty-five days in advance of any 
interest rate increase.
  Today is a victory for the consumers as we have finally leveled the 
playing field between cardholders and the credit card companies.

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