Problem Credit Card Practices Affecting Students: The Need for Legislative Action

Thursday, June 26, 2008, 2:00 p.m., Room 2128 Rayburn House Office Building
FI and Consumer Credit

 Subcommittee on Financial Institutions and Consumer Credit to Hold Hearing on Problem Credit Card Practices Affecting Students

Washington, DC – Rep. Carolyn Maloney (NY-14), Chair of the Financial Services Subcommittee on Financial Institutions and Consumer Credit, announced today that the subcommittee will hold a hearing on “Problem Credit Card Practices Affecting Students: The Need for Legislative Action.”  The hearing will focus on the practices of credit card issuers that adversely impact students.  The subcommittee will hear from representatives from consumer groups, the New York Attorney General’s office, industry, and students.

Subcommittee Chairwoman Maloney said, “Students rely on credit cards to pay for everything from books to tuition.  Unfair and deceptive credit card practices hit them especially hard and cause them to rack up late fees, high balances, and delinquencies.  We can and should take steps to ensure that card companies aren’t unfairly targeting this vulnerable population.  Responsible students deserve a fair shake – they shouldn’t have to graduate under a mountain of credit card debt.”