{"id":7011,"date":"2009-08-19T12:32:00","date_gmt":"2009-08-19T16:32:00","guid":{"rendered":"https:\/\/www.merkley.senate.gov\/merkley-credit-card-act-will-protect-consumers\/"},"modified":"2023-07-24T11:11:38","modified_gmt":"2023-07-24T15:11:38","slug":"merkley-credit-card-act-will-protect-consumers","status":"publish","type":"post","link":"https:\/\/www.merkley.senate.gov\/es\/merkley-credit-card-act-will-protect-consumers\/","title":{"rendered":"Merkley: La Ley de Tarjetas de Cr\u00e9dito proteger\u00e1 a los consumidores"},"content":{"rendered":"


Portland <\/strong>– New protections for credit card users
\nwill start tomorrow with the enactment of the Credit Card Accountability Responsibility
\nand Disclosure Act. Oregon’s Senator Jeff Merkley was an
\noriginal co-sponsor of the bill which was signed into law in May.<\/p>\n

 “The
\nCredit CARD ACT is a huge victory for American consumers,” said Merkley. 
\n“This legislation will end deceptive practices that are stripping wealth from
\nOregon families.  The first phase will
\ngive families more time to pay their bills and notice of rate increases; soon
\nwe’ll also see an end to repeated and unfair fees and retroactive rate
\nhikes.  These steps are instrumental in defusing the ticking time bomb of
\nexploding credit card debt.”<\/p>\n

·       Not all of the Credit CARD Act’s measures will start tomorrow. the reforms that will start include requiring credit card companies to:<\/p>\n

        Notify
\ncardholders 45 days before any interest rate, fee and finance charge increases
\non their accounts or other significant changes to their accounts;<\/p>\n

·       Give
\ncardholders the right to opt out of interest rate hikes and fee increases and
\nallow them to cancel their accounts; <\/p>\n

Re     Refrain
\nfrom treating a cardholder’s payment as late unless the statement has been
\nmailed 21 days prior to the bill’s due date, rather than the current 14. <\/p>\n