NM-Sen: Pearce Votes Against Law to Rein in Deceptive Credit Card Practices

Tom Udall's new TV ad on treating our vets right. .

Another unbelievable act by a Republican on a day that's been full of them. Get this: Today, Steve Pearce cast yet another vote that put the interests of the privileged few over those of the middle class, voting against a bill to crack down on deceptive, abusive, and unfair practices by credit card companies. Congressman Tom Udall and Congresswoman Heather Wilson both voted to pass the bill.

“I don’t see how anyone could oppose this bill,” Udall campaign spokeswoman Marissa Padilla said. “These are common-sense protections that should have been law a long time ago. Yet even in the midst of a financial and mortgage crisis that is squeezing the middle class to the breaking point, Steve Pearce still doesn’t get it. He has chosen to put the interests of big corporations ahead of those of ordinary Americans, just as he’s done throughout his career in Congress.”

Known as the “Credit Cardholders’ Bill of Rights,” H.R. 5244 will provide crucial protections against unfair and all too common practices by the credit card industry. Among many more protections, the bill:

--Requires card companies to give 45 days’ notice for all interest rate increases.

--Allows consumers to set their own fixed credit limits.

--Requires card companies to mail billing statements at least 25 days before the due date instead of the current 14 day requirement.

--Establishes standard definitions of terms like “fixed rate” and “prime rate” to crack down on deceptive advertising.

--Prohibits card companies from knowingly issuing cards to individuals under 18 years old.

Credit-card debt in the United States is at record highs. The average American household’s credit card debt is now $9,840, up from $2,966 in 1990. The credit card companies, meanwhile, collected $18.1 billion in penalty fees in 2007, while the industry as a whole raked in $40.7 billion in profits last year.

Why did Pearce vote against this bill? I guess he approves keeping consumers in the dark. More bucks for the investor class!