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1 | SENATE JOINT RESOLUTION
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2 | WHEREAS, The United States Congress has introduced | ||||||
3 | legislation in the 110th Congress creating the Credit | ||||||
4 | Cardholders' Bill of Rights Act, which would help protect | ||||||
5 | cardholders from unfair practices and abolish major industry | ||||||
6 | abuses that hurt consumers while fostering fair competition and | ||||||
7 | free market values; and
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8 | WHEREAS, Consumers deserve the right to be able to | ||||||
9 | understand their accounts and be empowered to control them; and
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10 | WHEREAS, The Credit Cardholders' Bill of Rights takes a | ||||||
11 | moderate and balanced approach to reforming major credit card | ||||||
12 | industry abuses and improving consumer protections without | ||||||
13 | resorting to price controls, rate caps, or fee setting; and
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14 | WHEREAS, The credit card industry earns more than one | ||||||
15 | trillion dollars each year, yet it continues to adopt tactics | ||||||
16 | to further increase their revenues; and
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17 | WHEREAS, Congress should provide better oversight that is | ||||||
18 | well overdue of the credit card industry and comprehensive | ||||||
19 | credit card reform legislation aimed at leveling the playing | ||||||
20 | field between credit card companies and consumers; and
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1 | WHEREAS, Passage of the Credit Cardholders' Bill of Rights | ||||||
2 | Act is necessary because in recent years cardholders have lost | ||||||
3 | the ability to say no to unfair interest rate increases and | ||||||
4 | bogus fees while the average household pays $83.33 in credit | ||||||
5 | card interest per month; and
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6 | WHEREAS, Nationally, the average American household with | ||||||
7 | at least one credit card has nearly $9,200 in credit card debt; | ||||||
8 | and | ||||||
9 | WHEREAS, This legislation would have a positive impact on a | ||||||
10 | large percentage of the American population; and | ||||||
11 | WHEREAS, The median U.S. household income is currently | ||||||
12 | $43,200 and the typical family's credit card balance is now | ||||||
13 | almost 5 percent of their annual income; and
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14 | WHEREAS, Credit card debt is a significant problem and | ||||||
15 | immediate action should be taken to help consumers reduce their | ||||||
16 | credit card debt; therefore, be it
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17 | RESOLVED, BY THE SENATE OF THE NINETY-FIFTH GENERAL | ||||||
18 | ASSEMBLY OF THE STATE OF ILLINOIS, THE HOUSE OF REPRESENTATIVES | ||||||
19 | CONCURRING HEREIN, that the Illinois General Assembly urges the | ||||||
20 | members of United States Congress to give full consideration to | ||||||
21 | the passage of the Credit Cardholders' Bill of Rights Act as |
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1 | represented in this Senate Joint Resolution; and be it further
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2 | RESOLVED, That suitable copies of the resolution be | ||||||
3 | delivered to the Chairman of the House Financial Institutions | ||||||
4 | Committee and each member of the Illinois congressional | ||||||
5 | delegation.
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