Denver, CO - Michael Bennet, U.S. Senator for Colorado, released the following statement today after President Obama signed the Credit Card Accountability, Responsibility and Disclosure (CARD) Act into law. The CARD Act will rein in unfair and abusive credit card company practices.
"I want to thank all the Coloradans who shared their stories with me in several town hall meetings of how unforeseen rate hikes and hidden fees have made an already difficult situation worse. It was their stories and their hope for a little fairness and some common sense from credit card companies that made today possible.
"One of those stories came from Garrett Mumma of Pueblo, who told me that he ‘only wants what's fair' from the credit card companies, especially when people are losing their jobs and their health care in record numbers.
"It's stories like Garrett's - stories of arbitrary, unforeseen and unfair interest rate hikes and expensive fees - that made today possible. Now, those kinds of practices are a thing of the past.
"This bill is a victory for all Coloradans - Coloradans like Garrett - who want nothing more than what's fair from credit card companies."
Bennet spoke on the Senate floor last week to highlight stories of Coloradans affected by arbitrary credit card rate hikes, excessive fees and predatory practices, demonstrating a real need for the legislation. To watch video of the floor speech, please click here.