Wyden, Obama Introduce Credit Card Safety Star Act of 2007
Wednesday, December 5, 2007
Printable FormatAssociated Press
WASHINGTON - Working to give consumers the tools to make
informed choices about complex credit card agreements, U.S.
Senators Ron Wyden and Barack Obama, from Illinois, introduced the
"Credit Card Safety Star Act of 2007."
The legislation creates a five-star safety rating system for
credit cards in order to increase the transparency of credit card
agreements. And it encourage issuers to abandon abusive practices
by offering consumers fair terms they can understand.
Oregon's Wyden says the legislation will help people understand
if they can expect their card issuer to treat them fairly or
--quote-- kick them when they are down."
Wyden says arming consumers with usable information is more
critical than ever.
And Obama says the bill will give consumers a powerful tool to
protect themselves.