SJ0097 95TH GENERAL ASSEMBLY

SJ0097 LRB095 20891 MJR 49783 r

SENATE JOINT RESOLUTION

WHEREAS, The United States Congress has introduced legislation in the 110th Congress creating the Credit Cardholders' Bill of Rights Act, which would help protect cardholders from unfair practices and abolish major industry abuses that hurt consumers while fostering fair competition and free market values; and

WHEREAS, Consumers deserve the right to be able to understand their accounts and be empowered to control them; and

WHEREAS, The Credit Cardholders' Bill of Rights takes a moderate and balanced approach to reforming major credit card industry abuses and improving consumer protections without resorting to price controls, rate caps, or fee setting; and

WHEREAS, The credit card industry earns more than one trillion dollars each year, yet it continues to adopt tactics to further increase their revenues; and

WHEREAS, Congress should provide better oversight that is well overdue of the credit card industry and comprehensive credit card reform legislation aimed at leveling the playing field between credit card companies and consumers; and

WHEREAS, Passage of the Credit Cardholders' Bill of Rights Act is necessary because in recent years cardholders have lost the ability to say no to unfair interest rate increases and bogus fees while the average household pays $83.33 in credit card interest per month; and

WHEREAS, Nationally, the average American household with at least one credit card has nearly $9,200 in credit card debt; and

WHEREAS, This legislation would have a positive impact on a large percentage of the American population; and

WHEREAS, The median U.S. household income is currently $43,200 and the typical family's credit card balance is now almost 5 percent of their annual income; and

WHEREAS, Credit card debt is a significant problem and immediate action should be taken to help consumers reduce their credit card debt; therefore, be it

RESOLVED, BY THE SENATE OF THE NINETY-FIFTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE HOUSE OF REPRESENTATIVES CONCURRING HEREIN, that the Illinois General Assembly urges the members of United States Congress to give full consideration to the passage of the Credit Cardholders' Bill of Rights Act as represented in this Senate Joint Resolution; and be it further

RESOLVED, That suitable copies of the resolution be delivered to the Chairman of the House Financial Institutions Committee and each member of the Illinois congressional delegation.