Credit bill of rights not strong enough

The House of Representatives recently passed legislation that it generously called the "Credit Card Holders Bill of Rights."

Just what will it do? It will "eliminate sudden increases in interest rates and late fees." However, their idea of "eliminating sudden increases in interest rates and late fees" is to require the credit card companies to give us 45 days notice before they gouge us again instead of the dreaded "change in terms" letter we get now. Big deal. Also, there's the fact that the law won't go into effect for another year so we can give the companies more time to gouge us and hike the rates.

How about just enacting a national usury law prohibiting interest rates above 15 percent on any transaction? How about just eliminating late fees and over-the-limit fees entirely, and allowing NSF fees that equal what the company was charged for that bad check? They are already earning interest on the balance, so why should they be allowed to charge those fees anyway?

These reforms would do a much better job of eliminating sudden increases in interest and late fees than the pathetic joke Congress has endorsed that does nothing at all about the interest rates or fees.

The Democrats promised "change you can believe in." Well, they are going to have to do a lot better job than this if they want those of us who voted for them to keep believing. Time for them to go back to the drawing board and draft a serious bill that addresses the fraud and theft the credit card companies have gotten away with for too long. And make it effective when the president signs it. They've already gouged us enough.

Charles E. Crouse

Elgin