[Congressional Record Volume 155, Number 65 (Thursday, April 30, 2009)]
[Extensions of Remarks]
[Page E1033]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             CREDIT CARDHOLDERS' BILL OF RIGHTS ACT OF 2009

                                 ______
                                 

                               speech of

                            HON. JOHN LEWIS

                               of georgia

                    in the house of representatives

                       Wednesday, April 29, 2009

       The House in Committee of the Whole House on the State of 
     the Union had under consideration of the bill (H.R. 627) to 
     amend the Truth in Lending Act to establish fair and 
     transparent practices relating to the extension of credit 
     under an open end consumer credit plan, and for other 
     purposes:

  Mr. LEWIS of Georgia. Mr. Chair, for too long now, credit card 
companies have toyed with the lives and financial health of the 
American people. For far too long, credit card companies have seemed to 
offer hard-working Americans a lifeline, but that lifeline is really an 
endless web of debt.
  Cardholders are surprised by huge hidden fees that are buried in the 
fine print.
  Credit card companies aggressively prey on our young college students 
who are not yet working. These companies rove college campuses and 
entice students with gifts, with the intent of collecting interest 
payments as the student ravels herself in debt.
  We are in the midst of a horrible recession. Millions of Americans 
are without work, trying to keep their homes, feed their families, and 
stay healthy, because a trip to the doctor could be the straw that 
breaks the camel's back. But credit card companies remain cold, chasing 
the almighty dollar.
  Many people have a hard enough time just paying monthly interest 
charges, yet these companies add on additional fees and increase 
interest rates by 10 and 20 percent--all without notice.
  The truth is they do not want consumers to pay off their balances. It 
is much more profitable to feast on the interest.
  We must put an end to this. We can no longer allow these unjust 
practices to continue. We cannot allow this industry to continue to 
profit on the hardship of Americans who use their services.

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