The “Credit Card Accountability Responsibility and Disclosure” (C.A.R.D. Act)

According to the authors of S. 3252, “this Act may be cited as the ‘Credit Card Accountability Responsibility and Disclosure Act of 2008′ or the ‘Credit CARD Act of 2008′”.  It is meant “to amend the Consumer Credit Protection Act, to ban abusive credit practices, enhance consumer disclosures, protect underage consumers, and for other purposes.”  In popular usage, this proposed legislation is also known as the C.A.R.D. Act, and more can be seen on Senator Dodd’s Website.

Here is a link to a shortened summary of the C.A.R.D. Act.

Please consider contacting Senator Dodd and his colleagues to support this Act, as it is probably the only real hope we have for stopping the abuses of credit card companies on the horizon.  One note of caution, regular mail to Washington, DC, can take longer than to other destitions because of security issues, so see the Senator’s site for contact recommendations.  As for me, I sent a letter to him praising his efforts to date, and urging him to continue the fight by Fax.  I also sent a copy of my recent letter to the CEO of Chase Card Services (after I received an outrageous “Change in Terms” notice myself.  These banks really are run by people who are engaged in legalized loansharking.