If the bill becomes law, credit card consumers would no longer be free to
- agree to contracts that enable lenders to offer lower initial interest rates by reserving the option of raising interest rates (with due notice) on the card balance when interest rates change in the overall economy.
- agree as a student to a credit line greater than both $500 and 20% of the student's income.
- agree to any credit card contract with provisions printed in less than a 12-point font.
- borrow more than 25% of a credit card's limit in order to pay the first-year fees on that card (that typically allow the card to offer a below-market interest rate).
In the minds of Maloney and Eshoo, a "Bill of Rights" is something that protects grownups from their own choices. To use the "Bill of Rights" label in this way is to mock our real Bill of Rights -- the one designed to protect citizens not from themselves, but from people like Maloney and Eshoo whose edicts are enforced by men with guns.
[LTE submitted via CapWiz to:
- Palo Alto Daily News
- Palo Alto Weekly
- San Jose Mercury News
- Silicon Valley Community Newspapers]