Klobuchar: End to Abusive Credit Card Practices
Washington, D.C. – Today, in a speech on the Senate floor, U.S. Senator Amy Klobuchar called for an end to the abusive credit card practices that are hurting hardworking Minnesota families. Klobuchar is a cosponsor of the bipartisan Credit Card Accountability, Responsibility, and Disclosure Act, which will protect families by putting an end to deceptive practices and creating a level playing field for consumers.
“Too many credit card companies are using deceptive practices and fine print to take advantage of hardworking Americans,” said Klobuchar. “Consumers deserve a level playing field and an end to the abuses and deceptive practices by the credit card industry.”
“This legislation will protect consumers from unfair practices and put in place common-sense rules that will bring much-needed transparency and accountability to the credit card industry,” Klobuchar continued.
Klobuchar noted that 78 percent of all households have at least one credit card, and the average household debt is more than $8,300. She highlighted the stories of Minnesotans who have paid their credit card bills on time, yet have seen their rates increased for no reason and without proper notice.
Earlier this year the Federal Reserve took the first step toward improving disclosures and ending unfair practices. The Credit Card Accountability, Responsibility, and Disclosure Act will help strengthen those rules and enact new protections by banning unfair rate increases, requiring plain sight and plain language disclosures and stronger protections for students and young people.