Snap-O Fact #9

Post date: Dec 07, 2011 3:42:2 PM

Snap-O Fact #9

The Obama Administration established the Credit Card Bill of Rights!

The credit card bill of rights would "ban unilateral changes ... apply interest rate increases only to future debt ... prohibit interest on fees ... prohibit 'universal defaults' (whereby a credit card raises its rates because the consumer was late paying a different creditor) ... require prompt and fair crediting of cardholder payments."

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White House, Obama town hall meeting in Rio Rancho , N.M, May 14, 2009.

Bloomberg News, Congress Sends Credit-Card ‘Bill of Rights" to Obama , by Jeff Plungis, May 20, 2009.

Senate Banking Committee, Summary of credit card bill of rights , accessed May 22, 2009.

White House, Fact sheet on the credit card bill of rights , May 22, 2009