What's New...
Payday
lenders mount campaign to overturn pro-consumer bill in Ohio
(August 26, 2008)
This July, Ohio passed a strong payday
lending protection law. The law caps
interest rates on payday loans at a 28% APR
and limits the number of loans that can be taken out to four per year,
releasing over 300,000 Ohioans from the payday debt trap. But now, the payday lending industry is
mounting a campaign to overturn the law through a referendum on the November
ballot. Our ally the Coalition on
Homelessness and Housing needs your help to spread the truth about payday
lending, and protect Ohioans from the payday lending debt trap. Click
here to find our more and get involved!
Credit Cardholders' Bill of Rights survives key vote
Legislation would crack down on industry practices
(August 1, 2008) Creditcards.com: A pro-consumer bill that would abolish unpopular credit card industry
practices passed a key U.S. House committee test late Thursday, moving
it toward a vote by the full House. Largely along party lines, members of the House Financial Services Committee voted 39-27 in favor of the Credit Cardholders' Bill of Rights,
which would limit interest rate hikes, fees, and billing and payment
practices cited most often by consumers and credit card industry
critics. Committee Democrats all voted for it; they were joined by just
two Republicans.
Tell the Federal Reserve Board to end credit card tricks and traps
The Federal Reserve Board and two other federal banking
agencies have released a proposed rule that aims to reform some of the
most unfair credit card tricks. But this important new rule of fair
play is just a proposal. The banks are fighting hard to weaken the
rule before it becomes final. Don't let the banks win! Read more
about the proposal and tell the Federal Reserve Board your opinion or a horror story about your credit card company’s practices!
Alaska leads the nation with highest credit card debt per borrower
(July 30, 2008) Americans for Fairness in Lending today focused on the median credit card debt per borrower in each of the 50 states (plus the District of Columbia) to emphasize how widespread credit card indebtedness has become and to highlight the states where credit card debt is particularly large and oppressive. See where the states rank.
House Committee to Consider Landmark Credit Card Legislation
Consumer Groups Urge Support for Curbing Unfair Credit Card Practices
(July 29, 2008) As a Congressional committee prepared for the first time ever to consider legislation that would curb predatory credit card lending practices, national consumer organizations today called on members of the House Financial Services Committee to support the bill and to send it to the House Floor for passage. 
Read their full statement.
Senate passes housing bill
(July 12, 2008) The New York Times — The Senate on Friday afternoon approved a major package of housing legislation, including a rescue plan aimed at helping hundreds of thousands of troubled borrowers avoid foreclosure by refinancing their mortgages.
Watch out for these Common Credit Cards Tricks and Traps
(July 9, 2008) Credit card contracts are packed with fine print tricks and traps to increase the likelihood of paying fees and penalties. You will be hard pressed to find a credit card without these terms – at least until our overnment outlaws them – but if you’re informed and cautious, you have a better chance of steering clear of the traps and saving money. Read the tricks and traps.
Angry Consumers Flood Federal Reserve Board with Complaints on Credit Card Practices
Over 8,200 Consumers Tell of Abuses
Tell the Federal Reserve Board your story!
(July 1, 2008) More than 8,200 angry citizens have flooded the Federal Reserve Board’s inbox since it invited personal comments regarding a proposed new rule to end “Unfair or Deceptive Acts or Practices.” Sarah Byrnes, Campaign Manager of Americans for Fairness in Lending (AFFIL), released the following statement on this exceptional outpouring of consumers’ support for regulation and their frustration over unfair credit card practices and overdraft loan abuses:
"American consumers are mad as hell and they’re not taking it anymore. Especially when it comes to credit card companies and their abusive practices." Read the full statement. See over 8,200 comments on the Fed's website.
Tell the Federal Reserve Board your story!
