H.R. 2146 Universal Default Prohibition Act of 2007

Over the past several years I've either read or seen on the TV news a lot of articles about credit card companies charging excessively high interest rates.  Even if a cardholder's account is in good standing the company STILL raises the rate.  It is quite obvious that credit card companies are more interested in their profits than the wellbeing of the cardholders.  Tens of millions of cardholders are directly affected by these malicious actions.  The cardholders have practically no legal protection whatsoever. 

Help may be on the way.  Rep. Keith Ellison of Minnesota introduced H.R. 2146 the Universal Default Prohibition Act of 2007.  You can look it up at thomas.loc.gov.  H.R. 2146 prohibits credit card companies from raising the interest rate on your to an excessive level.

Unfortunately H.R. 2146 has received practically no attention in the national media.  The best way to get  Congress to pass H.R. 2146 is by grassroots organizations doing petition drives and media campaigns.

Do you or someone you know have this problem?  I invite everyone who is in this situation to share their experiences on this blog.

Credit Cards are but one way terrorists are getting funded. Along with the "new" pre-paid cards! I don't trust Ellison as far as I could throw him, I'm 5'5" 120lbs so I couldn't even budge him, get the drift?

 

I may or may not trust Rep. Ellison(that's not important) but at least he came up with a good idea. The reason I put this posting on the blog is so that victims of interest gouging by credit card companies can share their experiences and contact their Congressmen. The subject of funding terrorism belongs in a different category of this website. Millions of hard-working Americans would benefit from passage of H.R. 2146. What I'm trying to accomplish is getting this information out to as many people as possible.

The Senate has introduced its own version of H.R. 2146.  It is S. 1309 which you can find at thomas.loc.gov.