(Washington, DC) - Congressman Baron Hill voted for H.R. 627, the Credit Cardholders’ Bill of Rights, when it was considered by the U.S. House of Representatives this afternoon.  The bipartisan bill would provide enhanced protections for consumers facing excessive credit card fees, sky-high interest rates, and unfair, incomprehensible agreements that credit card companies revise at will. 

“My offices, both in Washington and Southern Indiana, have been inundated with calls about this very issue,” Hill said.  “Particularly during this tough economy, consumers that have met the terms of their credit agreements should not and cannot afford to be surprised by credit card companies suddenly changing their policies or rates.”

The legislation would level the playing field between card issuers and cardholders by applying common-sense regulations that would ban retroactive interest rate hikes on existing balances, double-cycle billing, and due-date gimmicks. It would also increase the advance notice of impending rate increases, giving cardholders the information and rights they need to make decisions about their financial lives. 

In addition, H.R. 627 would help speed the enactment of recent Federal Reserve Board regulations, outlaw credit cards to minors, ban credit card companies from imposing higher fees when customers pay their bill on time, and let customers set lower credit card limits.

“Our economic recovery depends on a shared prosperity,” Hill said.  “Therefore, we must put an end to these abusive practices that continue to drive so many Americans deeper and deeper into debt.”

H.R. 627 was passed by a vote of 357 to 70 Thursday afternoon.