Democracy Rules

Credit card operations are usually the most profitable business of a bank. About 30% of all profits earned by credit card lenders were from cardholder fees. Most large banks have raised late fees and over-the-credit-limit fees to at least $35. Many lenders increase their interest rate if a cardholder pays late or exceeds their credit limit. Advocates say the amount of interest and fees are so high that many consumers are unable to significantly reduce their principal balance. In 2016, credit card fee and interest income topped $163 billion, and this amount is increasing about 6% per year.

Industry supporters claim high profit margins are needed to offset the large number of consumer bankruptcies. Opponents claim record industry-wide profit levels and fee increases can only be explained by uncompetitive practices and consumer price gouging.

Proposed Legislation: Reintroduction of S.2349 - Protecting Consumers from Unreasonable Credit Rates Act of 2021
Prospective Sponsor: Sen. Richard Durbin (IL)

I oppose reforming current credit card fee policy and wish to donate resources to the campaign committee of Leader Charles Schumer (NY).
I support prohibiting a creditor from extending credit to a consumer under a credit card plan for which the fee and interest rate exceeds 36%; requiring credit card billing statements to include the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate, and wish to donate resources to the campaign committee of Sen. Richard Durbin (IL) and/or to an advocate group currently working with this issue.

Winning Option »» No issues were voted

I support prohibiting a creditor from extending credit to a consumer under a credit card plan for which the fee and interest rate exceeds 36%; requiring credit card billing statements to include the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate, and wish to donate resources to the campaign committee of Sen. Richard Durbin (IL) and/or to an advocate group currently working with this issue.