A Credit Card Bill of Rights
Posted in From the Trail, News Clips on August 14th, 2008
Credit Crisis Roundtable
Yesterday Al sat down with four Minnesotans facing deep credit card debt for a roundtable about the credit crisis. They shared several stories of predatory practices from credit card companies, including a woman who was given a credit card at her dentist’s office to pay for a procedure she could not afford and ended up with hidden fees and high interest rates that left her further in debt than she started after a year of working to pay it off. A young woman who had just graduated from college had paid for her living expenses on credit cards during her college years  despite working part-time through school, the combined balances on several credit cards with high interest rates meant that she graduated with several thousand dollars of credit card debt on top of her student loans, and could not join AmeriCorps or the Peace Corps as she’d hoped.
Al proposed major reforms to address the growing personal credit crisis, including a Credit Card Bill of Rights that would crack down on predatory lenders.
Read full entry for more, including the media coverage of the event.














