Freedom from Credit Card Tricks and Traps

Today, Wednesday July 30, Members of Congress in the House Financial Service Committee will be voting on the Credit Cardholders Bills of Rights. Among other things HR 5244 will:

• Ban credit card companies from raising interest rates on existing balances - unless you paid 30 days late
• Apply your payment proportionally between high and low rate balances - saving you money
• Give you a chance to set a fixed credit limit and avoid over limit fees

Make your voice heard on this important issue! Let your Representative know what you think about protecting credit card holders. Take two minutes to make a quick phone call that could help save you -- and millions of cardholders - a lot of money in the long run.

Update- Great news!  Linda Sherry from Consumer Action just emailed me with this news:

The Credit Cardholders Bill of Rights passed the House Financial Services Committee! I hope you can help us get this bill passed by the entire House, and to continue your Senators to pass credit card reform as well.

Consumer Action could not have had as much impact without your participation. Pat yourself on the back right now!!

Gerri Detweiler – Personal finance author and Credit Advisor for Credit.com. Gerri contributes budgeting, debt recovery and savings information online. She is also the co-author of Stop Debt Collectors: How to Protect Your Rights and Resolve Your Debts