Accessing new credit has become increasingly difficult for North Florida families and small businesses.  So the last thing we need during these challenging economic times are credit card companies attempting to cushion their own losses on the backs of hardworking American consumers by unexpectedly raising your interest rates, rearranging your billing cycle without warning, or instituting unexplainable new fees.

 

While you may not have been affected by this unscrupulous practice, many of your neighbors have, and there is a good chance that without the actions taken by me and 357 of my colleagues you too could have been the victim of credit manipulation by giant credit card companies.

 

Fortunately, North Floridians can rest assured that the credit they have earned over the course of their lives is protected thanks to The Credit Card Act, which Congress passed last year and which went into effect this past week.

 

The CARD Act helps protect your credit by prohibiting many of the most dishonest and deceitful practices credit card companies used to increase their profits, such as unfairly increasing interest rates on existing balances and levying abusive fees and penalties for no justifiable reason.

 

The CARD Act also puts in place new provisions that allow you to take more control of your credit future.  Starting last Monday, payments made in excess of the required minimum will now go toward paying down higher interest debt, and consumers now have the right to cancel any of their credit cards before new rate hikes go into effect.

 

And to protect the growing credit of America's next generation, consumers under the age of 21 now will need to obtain the signature of a parent or guardian before receiving a new credit card.  This provision will help ensure that tomorrow's generation does not dig themselves into a credit hole at such a young age and risk jeopardizing their credit rating for the rest of their lives.

 

Consumers and businesses have always driven the American economy, and that’s why I’m fighting every day to make sure they have access to the credit they need and to make sure that credit is well protected.  The CARD Act is a victory for consumers, for our local businesses, and for the country’s economy as a whole, and I am proud these vital new protections will help many North Floridians safeguard and preserve their hard earned credit.

 

 

 

 

 

 

 

 

 

 

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