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Credit Card Bill will Protect Nevada Consumers
Nevada Senator Harry Reid is
championing a bill in the Senate this week that will protect Nevada consumers
from abuses by credit card companies. Many of these companies are putting
consumers in no-win situations by unreasonably raising their rates and
constantly changing the rules in the middle of the game.
Even banks that have received taxpayer assistance are turning their backs on the people who helped them by dramatically increasing their interest rates, lowering their credit limits or charging enormous fees and penalties. During these tough economic times, consumers need someone who’s fighting to protect them—and that someone is Sen. Reid.
The Credit Cardholders’ Bill of Rights will help consumers with these important changes to the industry:
? Setting rules about when credit card companies can raise interest rates, requiring them to give 45 days’ notice before increases and preventing them from raising rates on existing balances.
? Cracking down on abusive fees, such as charges to pay a bill, and requiring companies to mail statements 21 days before bills are due.
? Including protections for young people such as college students.
In testimony on the Senate floor this week, Reid told the story of Shelley, a Nevadan whose credit card company double her interest rate and wouldn’t let her pay off her balance, although she was an outstanding customer.
“What do you do when you play by the rules, but the rules change in the middle of the game?” Sen. Reid said Monday. “This bill will not only level the playing field and keep the rules consistent from beginning to end – it can also save families thousands of dollars a year.”
To see Sen. Reid discussing the bill, click here. Read a Reuters report on the bill here.
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Democrats Protecting Consumers By Putting Fairness, |
| Common Sense Back Into Credit Cards |
Nevada Senator Harry Reid
made the following statement after the Senate passed the Credit Card
Accountability, Responsibility and Disclosure Act, which outlaws hidden fees,
misleading terms and other credit card company tricks and traps:
“When this credit card debate began, I heard from a woman in Nevada named
Shelley Lyons. Like many honest and hardworking Americans, Shelley played by
the rules. She was responsible. Then, one day, out of the blue, her credit
card company nearly doubled her rate. Shelley understandably wanted out of her
contract. But the company said no.
“I heard from Shelley again last night. This is what she wrote to me: ‘My
husband has canceled his card and I will be paying off my card by taking a loan
from my 401(k). I felt so helpless and angry. I’d rather take a lien against
my retirement than let them have any more of my money.’
“Today the Senate stood with Shelley. We stood up for consumers and stood up to
abusive credit card companies. We said that big banks can no longer take
advantage of hardworking Americans. We demanded that when Americans use a
credit card – as almost everyone does almost every day – they no longer have to
fear that they’ll be abused.
“This is just the latest example of how Democrats are looking out for Main
Street. In the last few weeks, we have cracked down on corporate and mortgage
scams and helped more struggling homeowners keep their homes. And in the coming
weeks, we will continue to protect people like Shelley who keep our economy
moving, and we will restore their confidence.”
Gibbons' priorities: Phone Fox News, then solve budget crisis
Democrats in the state legislature are hard at work trying to preserve essential services like education and hospitals.
Meanwhile, what’s at the top of Gov. Jim Gibbons’ priority list during the final days of one of the most important legislatives sessions in our state’s history? Phoning up Fox News to pick political fights he knows he can’t win.
Rather than reaching across the aisle to craft a budget that works for all Nevadans, as the state legislature is doing, or even using his 5 minutes of national Fox fame to encourage Americans to visit the great State of Nevada, he chose to take pot shots at Pres. Barack Obama. While Nevadans are busy worrying about their jobs and their mortgages and whether their children are getting a quality education, Jim Gibbons is busy worrying about scoring political points against a president Nevadans overwhelmingly elected. He’s worrying about and nabbing headlines in the hopes of distracting from his dismal approval ratings, personal scandals and utter failure as a governor. It’s Jim Gibbons who should be ashamed of himself.
Send Gov. Gibbons his favorite form of communication – a text message – and tell him Nevadans deserve better. Text “get 2 work” here.
After all, as Jim Gibbons would say, the people of the state of Nevada deserve a governor who works for them and not against them. Or one who works at all.
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Action Alert: Legislators need to hear from you TODAY!
Our state is in peril, yet Gov. Jim Gibbons is touring Nevada to tout his budget cuts that are so drastic they could close down community colleges and hospitals.
Legislators need to hear from you that Gov. Gibbons’ budget cuts are too much. They are wrong for our state and for our children!
E-mail legislators today to say we can’t afford Gov. Gibbons’ budget cuts!
HOW TO E-MAIL YOUR LEGISLATOR TODAY:
You can
look up your legislator here:
http://mapserve.leg.state.nv.
You can
find contact information for Senators here:
http://leg.state.nv.us/
E-mail Assembly members here: assembly@lcb.state.nv.us
Gov. Gibbons would slash the UNLV and UNR budgets by 50%, and cap the number of uninsured children who can enroll in a health care plan.
Our state can’t afford his terrible budget cuts, but legislators are hearing from Nevadans who support the cuts. We can’t let Gibbons get away with this budget!
WE NEED YOUR HELP. Any email from you – no matter how short – helps make the case that Gibbons’ budget WON’T WORK!
Legislators need to hear from you that we cannot balance the budget on the backs of children!
