Republicans Block Dodd's Effort to Protect Consumers from Credit Card Rate Hikes

http://dodd.senate.gov/?q=node/5333

Senate Republicans blocked Banking Committee Chairman Chris Dodds (D-CT) attempt to pass legislation to stop credit card interest rate hikes.

Dodd went to the Senate floor to ask for consent for the Senate to take up and pass his Credit Card Rate Freeze Act, which would prevent credit card companies from hiking interest rates, fees and finance charges on customers existing balances until Credit CARD Act protections take effect in February. Regrettably, Republican Senator Thad Cochran (R-MS) objected to Dodds request, blocking the bill from Senate passage.

Consumers obviously have a responsibility to spend within our means and to pay what we owe. We bear that responsibility. But the credit card industry as well has a responsibility to deal with their customers honorably. There is nothing honorable about whats happened with these significant rate increases and fees. Most importantly, they dont have a right to rip off American families, especially when the Congress has already gone on record opposing the very actions theyre engaging in, Dodd said on the Senate floor.

Category:

News & Politics

Tags:

• Senate
• Senator
• Chris
• Dodd
• Credit
• Card
• Interest
• Rate Freeze
• Consumer Protection

[golfprobro4eagles]

What the hell are you saying idiot. The truth is you have never read a contract so even try to use one as an excuse moron.

[rreddrop]

but if you pay your bill on time, then the rate shouldn't matter...

[sdzinda]

A lot of these people aren't in over their heads until the credit company increases their interest rate from 7-12% to 24%. Plus, a lot of people get in credit card debt early in life, and a lot of those same people dig out of the debt and learn a valuable lesson. Now, the CC companies aren't giving ANYONE the opportunity to get out of debt, period. Filing bankruptcy now (thanks to bush) doesn't forgive your debt. Bankruptcy is pointless...

[gofudgeyourselfx]

some republicans are against the health care bill because its enormous and they dont have enough time to read it...well...americans are against giant credit card contracts with fluctuating interest rates that almost require a lawyer to make sure you dont get screwed over..

unlike politicians, consumers cant ignore a credit card contract and make it go away when they need supplies for their small business or to buy food..

yet again, republicans win the game of irony.

[DemocracyCorner]

I'm confused why John Kerry made comments to the effect that he feels Dodd represents the banking and insurance industries since this legislation would seem to indicate differently. I would think a freeze especially during the holiday season and hard times makes sense...

[DillonX]

We need to start referring to the Democratic Party and the Corporation Party.

[carrierexchange]

Because the GOP is paid for.

[freewebjunk]

I support Chris Dodd and I hope this bill is reconsidered before the holiday shopping season.

[CommonSenseJoe]

It is called a contract. The government cannot simply intervene every time they don't like a contract.  People glad ran up their balances and now they must pay the interest.

[BlueSkies360]

Michelle: Are you one of the 50% of working Americans that pay 0 income taxes? Is that not enough for you?