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Credit
Card Reform Links
Consumer
Bill of Rights
for
Credit Cards
“Stacking
Up The Cards: How MBNA and Bank of America Measure Up to
the Consumer Bill of Rights for Credit Cards”
CRA-NC
report issued September, 2005
on
fees, billing practices, and policies on credit cards
issued by both companies.
Consumer
Interests Before Corporate Interests - Stop the
MBNA-Bank of America Merger!
Consumer
Revolt at MBNA-Bank of America Merger Hearing - Press
Release 9/27/05
"BofA
critics
rap bank
at
hearing,"
Charlotte
Observer,
September
28, 2005
"MBNA
buyout's
merits
debated,"
Wilmington
News
Journal,
September
28, 2005
25
facts about Credit Card Debt
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No
Credit Card Fee Exploitation Without Consumer Representation!
We hold this truth to be self-evident -
consumers have the right to fairness in lending. To guarantee a fair
balance of power between borrowers and giant credit card lenders like MBNA and
Bank of America, consumers deserve a bill of rights for credit cards.
The Consumer Bill of Rights for Credit Cards
is a set of standards for credit cards issued in the United States.
It consists of ten rights, including consumer protections against
excessive fees, arbitrary changes by card companies to previously-agreed terms
and conditions, and rate increases on existing balances.
It calls for fair billing procedures that give the benefit of the doubt
to consumers by accepting postmark due dates, and consistent billing cycles,
preferably 30 days.
If
you’re on a 20-day billing cycle, but pay all your bills once a month,
you’re being set up for late fees. Consumers should have the right to
honest billing from credit card lenders, not deceptive tactics.
Consumers deserve better. The credit
card industry, and especially lending giants like MBNA and Bank America, must
implement real reforms that safeguard fair lending standards for consumers. This is an opportunity for both companies to do the right
thing. The Consumer Bill of Rights
for Credit Cards is a blueprint for change in the right direction.
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