CCAG Executive Director Tom Swan has an op-ed in the Connecticut Post about the recently passed Credit Card Accountability, Responsibility and Disclosure Act, which was sponsored by Chris Dodd, Connecticut's senior Senator.
Tom Swan speaks about how the unfair practices of credit card companies affect CCAG members and others in Connecticut. [March 13, 2009]
The bill puts an end to absurdly high fees that drive families further into debt, requiring that penalties be proportional to the violation and prohibiting issuers from charging fees when customers simply pay by phone or unknowingly exceed their credit limit.
It prevents credit card companies from charging you if they delayed crediting your payment and requires far better disclosure of card terms and conditions.
It includes tough protections for the particularly vulnerable demographic that has been a cash cow for credit card companies in recent years: young people and students.
Swan continues, detailing the significance of this reform:
That it happened at all is a credit to the leadership of our senior senator, who took on the banks and beat them. It's no secret that Chris Dodd has been attacked from all sides recently. And certainly, public sentiment during the economic crisis helped make this moment possible.
[...]
But the real winner here isn't any public official, industry or interest group. It's the American consumer, including the people of Connecticut, who have a right not to be deceived, misled or ripped off -- particularly during a recession when they can least afford it.
This legislation won't be the end of families struggling to live within their means during this economic crisis -- but it will put a stop to one of the biggest reasons so many do.
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