Washington, D.C. — Nick Bourke, manager of the Safe Credit Cards Project at the Pew Health Group, issued the following statement:
“The current economic crisis has made it clear that ignoring unfair and deceptive lending practices can hurt both family finances and our economy. Fortunately, the U.S. Senate has the opportunity this week to join the House in passing legislation to ensure credit card companies use safe, fair and transparent policies. We urge the Senate to pass the CARD Act of 2009 to give consumers strong protection under the law from sudden rate hikes and added fees. Americans can't afford to wait for credit card reform.”
The Pew Safe Credit Cards Project recently evaluated general purpose credit cards offered online by the largest 12 issuers, which control nearly 90 percent of all outstanding credit card debt in America. The project found that 100 percent of these cards contained features that the Federal Reserve has determined cause substantial harm to consumers.
For more information, read the project's report titled Safe Credit Card Standards.