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Article: CREDIT CARD REFORM: STRONGEST LEGISLATION YET TO REIN IN OUT-OF-CONTROL COSTS ANNOUNCED BY SEN. MENENDEZ
- Article from:
- US Fed News Service, Including US State News
- Article date:
- March 12, 2008
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The office of Sen. Robert Menendez, D-N.J., issued the following news release:
As an increasing number of Americans fall victim to out-of-control credit card costs and as the credit card market begins to resemble the subprime mortgage market from when the foreclosure crisis began, U.S. Senator Robert Menendez (D-NJ) today announced a sweeping plan to put an end to deceptive practices and irresponsible marketing. The Credit Card Reform Act goes beyond any other current legislative proposal in curtailing skyrocketing interest rates, curbing sudden changes in credit card agreements, and restricting issuance of cards to consumers who don't have the ability to make payments, along with other ...