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24 September 2008

GA Congressional Democrats Vote For The Credit Cardholders' Bill of Rights

The Credit Cardholders' Bill of Rights (H.R. 5244) is opposed by the big banks. The bill is opposed by President Bush. And based on the votes they cast yesterday, the seven Republican members of Georgia's congressional delegation oppose the legislation as well. But the Peach State's Democratic members of Congress support the Credit Cardholders' Bill of Rights and they demonstrated their support with "yay" votes in favor on the floor of the U.S. House of Representatives [Source: House Roll Call #623].

According to a report by Reuters news service, the Credit Cardholders' Bill of Rights would curb unfair and deceptive credit card practices; end double-cycle billing, in which card companies reach back to prior billing cycles to help calculate the interest charged in the current cycle; and seek to give cardholders more time to pay by forcing card companies to mail bills 25 days before the due date instead of the current 14 days. [Source: Reuters.com, "White House says opposes House credit card bill", September 22, 2008]

H.R.5244 now heads to the U.S. Senate for its consideration.