Delegation urges credit card companies to end unfair hikes

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Representatives send a letter to the country's major credit card companies

By Special to the Monitor

Wednesday, Reps. Harry Teague, Martin Heinrich and Ben Ray Luján joined 15 of their colleagues in the House in sending a letter to the country’s major credit card companies, calling on them to pledge to not change the terms on consumer credit card accounts ahead of federal credit card reform legislation slated to go into effect early next year. 

“Families across southern New Mexico are struggling to make ends meet as it is without credit card companies drastically increasing their interest rates before the Credit CARD Act goes in to effect,” Teague said.  “Rather than taking the time to responsibly implement the provisions required by February 2010, credit card companies are taking advantage of both their customers and the intention of our legislation. We can no longer allow America’s credit card companies free reign – today, my colleagues and I join together to call on these companies to halt their unfair interest rate hikes.”

“Unfair and deceptive tactics by credit card companies need to stop,” Heinrich said. “During these tough economic times, working families are keeping a close eye on their finances. New Mexicans can find solace in the fact that Congress is keeping a close eye on credit card companies and demanding an end to unwarranted rate hikes.  

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