Washington, DC—Senate Majority Leader Harry Reid made the following statement today after the Senate passed the Credit Card Accountability, Responsibility and Disclosure Act, which outlaws hidden fees, misleading terms and other credit card company tricks and traps:
“When this credit card debate began, I heard from a woman in Nevada named Shelley Lyons. Like many honest and hardworking Americans, Shelley played by the rules. She was responsible. Then, one day, out of the blue, her credit card company nearly doubled her rate. Shelley understandably wanted out of her contract. But the company said no.
“I heard from Shelley again last night. This is what she wrote to me: ‘My husband has canceled his card and I will be paying off my card by taking a loan from my 401(k). I felt so helpless and angry. I’d rather take a lien against my retirement than let them have any more of my money.’
“Today the Senate stood with Shelley. We stood up for consumers and stood up to abusive credit card companies. We said that big banks can no longer take advantage of hardworking Americans. We demanded that when Americans use a credit card – as almost everyone does almost every day – they no longer have to fear that they’ll be abused.
“This is just the latest example of how Democrats are looking out for Main Street. In the last few weeks, we have cracked down on corporate and mortgage scams and helped more struggling homeowners keep their homes. And in the coming weeks, we will continue to protect people like Shelley who keep our economy moving, and we will restore their confidence.”