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Lowey, Small Businesses Call For Credit Card Protections
Congresswoman Nita Lowey (D-Westchester/Rockland) was in White Plains today along with several small business owners, calling on Congress to do more to protect small businesses from unfair and deceptive practices by credit card companies.
Irwin Katz, owner of Helicon Records Ltd, a small business in White Plains, says he recently saw the interest rate on his business credit card raised from 15-29% without advance notice and despite having made timely payments.
"Small businesses in New York and around the country rely on credit cards to purchase inventory, pay bills and invest," said Lowey.
Last year, congress passed the Credit Card Accountability, Responsibilty and Disclosure Act (CARD) which protects individual consumers from unfair and deceptive practices used by credit card companies to increase fees.
Lowey has introduced the Small Business Credit Card Act to extend those same protections to small businesses. Lowey's bill would:
*Prevent credit card companies from arbitrarily raising interest rates on small businesses without proper notice
*Prohibit interest rate increases on existing balances
*Prohibit interest charges on debt paid on time
*Require that any payment over the minimum apply to the balance with the highest interest rate
Said Lowey, "It is inconceivable that Congress would knowingly allow issuers to perpetuate-with impunity-practices recognized as 'unfair' and 'deceptive' against America's small businesses."
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