Alan Grayson
(WASHINGTON) – Congressman Alan Grayson (D-FL) today praised the implementation of the Credit Cardholders’ Bill of Rights (H.R. 627). Rep. Grayson helped to shepherd this bill through the House Financial Services Committee, and then voted for it in the House. It contains several strict protections for consumers, including banning unfair interest rate increases, and forbidding abusive fees and penalties by credit card companies.
Congressman Grayson said, “Credit card companies will no longer be able to stick it to middle-class families in Central Florida. These huge banks charged exorbitant interest rates, and used gimmicks to burden people with unnecessary fees. These reforms will help hard-working people pay off their debt.”
The so-called “Credit CARD Act” was signed into law on May 22, 2009, and takes effect this week. A recent report by the Pew Charitable Trusts concluded that unfair or deceptive credit card practices hurt families badly before this important law was enacted. For example, interest rates climbed an average of 20 percent in the first half of 2009, on credit cards representing more than 90 percent of outstanding balances.
As part of the new law, consumers are now given the right to refuse to accept rate hikes, and pay off existing credit card balances under the old rate. Credit card companies also are required to give 45 days’ notice of any rate increases on new purchases. If a consumer receives notice of a rate hike, he or she can now simply ask the card company to reverse the rate hike and close the account.
Additional provisions of the Credit Cardholders’ Bill of Rights (H.R. 627):
· Account statements must be sent 21 days in advance of the payment due date.
· Interest rate hikes on balances are prohibited.
· Penalty rate increases for payments less than 60 days overdue are banned.
· Charging interest on debts paid on-time is banned.
· “Due-date” gimmicks, such as setting morning times for payments before mail is delivered or charging fees for paying a bill by phone or internet, are banned.
· Promotional rates must last at least six months.
· A consumer under 21 must demonstrate an ability to pay, or have a parent co-sign, to be eligible for a credit card.
February 24th, 2010 at 11:14 am
What a blowhard Alan Grayson is, all this legislation will do is force the banks to spread out what this legislation is costing them among their other customers, even the ones that have nothing to do with credit cards. Thanks Al. He pats himself on the back and he slaps us in the face again. It’s to bad we have to wait until November to get rid of this NON-representative, after more than a year in office he still doesn’t get it or understand his job as a representative. In November he will be replaced by conservative Republican Patricia Sullivan.http://patriciasullivanforcongress.com/blog/
February 24th, 2010 at 11:37 am
Why media of any kind gives this man a platform is beyond me. He has not lived up to his oath and represented the WILL OF THE PEOPLE. Oh yes, he will point to “town hall meetings” such as the one at the union hall which was preceeded by a meeting of the Democratic Executive committee and none of them left the room. Why is this important to know? Because there were over a thousand people outside in the heat waiting to get into a 7pm meeting at 8pm and did not know that this room was already packed with his party buddies leaving only about 20-25 seats to be occupied by “the constituents” Tell me this wasn’t a setup? He went on to be televised during this “town hall” meeting with questions from his pals….. Is this honesty? Is this democracy in action? I was there. The union men told me that the meeting room was packed with democrats from their meeting and they were staying for the “town hall” meeting. I did not make it up. I report, now, you decide. Is he worth the ink in the marker to re-elect?
We have a choice this coming November to elect a PATRIOT, not a politician in Patricia Sullivan. A brave, grounded, spiritual, focused woman who quotes the constitution verbatim.
February 24th, 2010 at 11:41 am
I put up what is sent. If your candidate was more organized I would surely put up her press releases and media advisories. I have requested to be on the media list to which I have not received anything. Also there is still no contact phone number listed on her campaign website. If she wants to be a candidate past August 24th she better get with it.
February 24th, 2010 at 11:48 am
What Grayson and others fail to acknowledge is that people are doing just what our government has done for far too many years – live on debt. It has gotten us in trouble as individuals and has gotten us in trouble as a nation. It is time to take responsibility for our actions rather than blaming it on everyone else. It is time to live within our means – spending less than we make and saving for emergencies – on an individual and national level. Patricia Sullivan plans to go to Washington and work with other like-minded representatives to bring common sense back to our national spending. So, thanks but no thanks Alan for giving us one more reason to play the blame game. Let’s take responsibility for our reckless spending and reverse it so that we can turn over a country to our children and grandchildren that will not be bankrupt.
February 24th, 2010 at 1:01 pm
I’m so tired of seeing this man’s picture with a grin on his face that looks like he’s saying, “I am responsible for everything that is good in politics.” Can we get a patriot out there? Go for it, Patricia! http://www.patriciasullivanforcongress.com
February 24th, 2010 at 2:49 pm
We need free market solutions and to accept responsibility for our own actions, including credit card debt. Patricia Sullivan is committed to these things and fiscal responsibility, limited government and following our wonderful Constitution. If Grayson believed in or adhered to that great document none of the bills he has signed would have been signed. We need to give Grayson the pink slip and elect Patricia Sullivan…a woman of true integrity.
February 24th, 2010 at 6:50 pm
Alan Grayson is a buffoon who basks in the fondling of the lame stream media at every opportunity. If he were a compassionate individual he would encourage people to wean themselves off credit card debt and start investing in themselves by saving for the future. Where are the jobs Mr. Grayson? Why do you keep supporting legislation that are job killers? Why are you trying to kill capitalism and free markets by supporting the Progressive agenda to “Fundamentally Change” this great country? Why don’t you uphold your oath of office by supporting the Constitution? Come November, the voters of the 8th Congressional District will send Patricia Sullivan to Washington and finally get a representing representative. Check her out at http://www.patriciasullivanforcongress.com I did!
February 28th, 2010 at 12:29 am
Join the Anti Alan Grayson fan page http://preview.tinyurl.com/anti-alangrayson-facebook-page