Posts tagged ‘credit cards’

March 23, 2011

Credit Card Crisis on America

Remember the credit Card crisis that this nation was facing? The following is a response from Senator Mel Martinez before he left office.

Dear Mr. Shaw:

Thank you for contacting me regarding credit cards. I appreciate hearing from you and would like to respond to your concerns.

Florida’s families are facing many challenges right now, including rising fuel costs, falling home values, and increasing levels of debt. Credit cards are powerful tools. When used properly, they allow Americans the flexibility to weather economic downturns and build credit history to support future financial goals like homeownership or financing a child’s education. Unfortunately, an increase in the use of credit cards has lead to instances of predatory practices and unfair rates and fees. I share your concerns, and I will continue to work with my colleagues on the Senate Committee on Banking, Housing, and Urban Affairs to ensure that we maintain the availability of credit to American families and that the intended consumer protections are practiced.

Again, thank you for sharing your views with me. If you have further questions or comments, please contact me. For more information about issues and activities important to Florida, please sign up for my weekly newsletter at http://martinez.senate.gov.

Sincerely,

Mel Martinez
United States Senator

June 16, 2009

Credit Cardholders’ Bill of Rights

Having Credit Card issues?

Here is a response that I received from Bill Nelson in regards to the trouble with credit card debt in America as of now.

Dear Mr. Shaw:

Thank you for contacting me about credit card reform and your support for the Credit Cardholders’ Bill of Rights.

As Congress works to get our economy back on track, I believe that we must also reform credit card marketing and billing practices. I am urging my colleagues in the Senate to consider reforms for all aspects of the financial system, including regulation of the credit card industry.

I am aware of the high fees that some credit card companies charge consumers, in addition to the unscrupulous, abusive and predatory practices by some bad actors within the industry. Indeed, we’ve seen a rapid growth in the number of lenders who target consumers with less-than-perfect credit histories and low-income and minority households with high interest loans. These practices in the area of mortgage lending have had devastating effects on consumers and the country.

Rest assured, I will continue to work toward fair credit practices that protect Florida’s families. Please feel free to contact me in the future.