[Congressional Record Volume 154, Number 156 (Sunday, September 28, 2008)]
[Extensions of Remarks]
[Page E2113]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             CREDIT CARDHOLDERS' BILL OF RIGHTS ACT OF 2008

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                               speech of

                          HON. HILDA L. SOLIS

                             of california

                    in the house of representatives

                      Tuesday, September 23, 2008

  Ms. SOLIS. Madam Speaker, I rise today in strong support of H.R. 
5244, the Credit Cardholder's Bill of Rights. I am proud to be an 
original cosponsor of this legislation, which protects families across 
America from the confusing, deceptive, and unfair credit card 
practices. I believe that passage of this legislation is long overdue.
  Unfortunately, the increased usage of credit cards among Latinos has 
resulted in more Latinos with credit card debt. Between 1992 and 2001, 
the share of Latino families with credit cards grew from 43 percent to 
53 percent and the average credit card debt among Latinos increased by 
nearly 20 percent to $3,700. Even worse, credit card issuers have 
profited by taking advantage of Latino families' need to rely on credit 
for everyday expenses. Credit card companies imposed an astounding 
$18.1 billion in penalty fees on families carrying credit card 
balances. Seventy-seven percent of Latinos carry a balance on their 
credit cards, which makes them especially susceptible to credit card 
industry's unethical tricks and penalties.
  Inequities in access to mainstream credit cards mean that Latinos are 
targeted by unscrupulous companies and are more likely than Whites to 
have credit cards with high interest rates. Because credit card 
companies can increase interest rates at any moment and can charge 
interest on debt that consumers have already paid on time, they have 
trapped vulnerable low-income Latino families in a never-ending cycle 
of debt.
  Madam Speaker, I urge my colleagues to vote in support of H.R. 5244, 
the Credit Cardholder's Bill of Rights. We need to end unfair and 
arbitrary interest rate increases and protect vulnerable consumers from 
high-fee subprime credit cards. I look forward to working with my 
colleagues to protecting the financial security of consumers across our 
country.

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