Credit Cardholder's Bill of Rights PR Toolkit
Credit Card Messaging Architecture
Messaging:
- Shared Responsibility
- Fairness
- Unintended Consequences
Message Architecture:
Shared Responsibility
- Consumers should be their own best advocates when it comes to managing their finances.
- Lenders should use terms and conditions that are clear and easily understood by borrowers.
- Congress should use its existing authority to ensure fairness for all parties, while not directly intervening in private business contracts, such as credit card terms and conditions.
Fairness
- Consumers who have worked to build good credit should be able to enjoy the resulting benefits offered by their lenders.
- A ‘one size fits all’ approach that treats all consumers the same is not fair.
- Borrowers who have acted responsibly should be treated differently than those who have acted irresponsibly.
- There is not one ‘quick fix’ to this very complex situation.
- All parties must examine the lasting implications of any proposal, focusing on maintaining fairness for all parties, and avoiding hasty solutions that negatively impact consumers or cause undue harm to the economy.
Unintended Consequences
- Excessive government involvement in credit card rules has negative consequences for those who follow the rules.
- Sweeping regulation will limit vital fraud and identity theft protections.
- New regulations will likely increase interest rates for all consumers.
- Access and choice will also be negatively impacted – meaning consumers will have fewer options and enjoy fewer benefits.
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