Ed Mierzwinski—Federal Consumer Program Director

Dear NMPIRG member,

Running a credit card company is often a license to steal, but there’s good news on the horizon—consumer champions are forcing Congress to consider strong rules that would rein in the credit card companies.

There are lots of ways that credit card companies take advantage of consumers. You miss a payment and are charged a late fee. Not only can the credit card company charge you for the interest on that fee—they can also charge you again and again if the fee pushes you over your credit limit.

One way to avoid late fees is to pay online or over the phone. But some credit card companies charge you up to $15—just to pay your own bill!

The “Stop Unfair Practices in Credit Cards Act” would prohibit banks from charging repeated over-limit fees for a single instance of exceeding the limit. The bill would also prohibit charging interest on penalty fees. We’re backing the bill, sponsored by Sen. Sander Levin (Mich.) and Sen. Claire McCaskill (Mo.), and we’re making sure that the public knows what credit card companies get away with using “the fine print.”

In June, I testified on unfair credit card practices. Later this year, I will appear in a documentary called “U-R Pre-Approved.” We’re working to make sure that credit card companies no longer have a license to steal.

Sincerely,

Ed Mierzwinski
Federal Consumer Program Director