April 30 – Congressman Zach Wamp voted in support of the Credit Cardholders’ Bill of Rights, which passed the U.S. House of Representatives today. The bill would protect credit card consumers from deceptive practices such as retroactive interest rate hikes, and offer greater disclosure to consumers. The bill also would require creditors to provide 45-day written notice of any rate increase. Congressman Wamp’s statement follows:

“Responsible cardholders who pay their bills on time shouldn’t be penalized with arbitrary rate increases and hidden fees. We need to put an end to deceptive credit card practices, protect consumers and keep children from being solicited for credit cards without the permission of their parents. I support the Credit Cardholders Bill of Rights because it helps bring transparency to accounts, giving consumers the information needed to understand their bills and the ability to make responsible decisions about their credit.”