Senator Menendez on Credit Card Reform

“As families tighten their belts and stretch every dollar during these tough economic times, the last thing they need to deal with is more tricks and deceptive practices from their credit card company. Stronger consumer protections, such as prohibiting unilateral rate increases, ending universal default, and requiring that penalty rates and fees be reasonably tied to cost, should be prerequisites for any issuers who wish to benefit from government assistance. These commonsense reforms will not only relieve some of the pressure on consumers, they will also end some of the most egregious practices that have forced so many people to the brink of bankruptcy.”

Senator Robert Menendez (D-NJ)