Congressman Rick Larsen's Online Office

Washington, D.C. — Today, U.S. Rep. Rick Larsen (WA-02) voted to bring common-sense reform and consumer protections to the credit card industry. The legislation, the Credit Cardholders’ Bill of Rights, passed the House with a bipartisan majority of 361 to 64 and will now go to the President’s desk to be signed into law.

“Consumers who play by the rules deserve to be treated fairly by their credit card company,” said Larsen. “That is why I voted for common-sense rules to ban unfair practices and protect consumers.”

The Credit Cardholders’ Bill of Rights bans most interest rate increases on existing balances and increases the notice required for interest rate hikes on new purchases. It requires that bills be sent 21 days before the due date; prohibits charging fees just to pay a bill by phone, mail or web; bans over-the-limit fees unless a consumer opts-in in advance; bans due-date tricks; requires payments to be applied fairly to the highest interest rate balance first; and strengthens credit card protections for young people.  

“With so many American families struggling to make ends meet, we must ensure that consumers who are working hard to pay off their credit card debt are given a fair deal.”

###