Senator Fuschillo Faults Governor Spitzer For Vetoing Law To Protect Credit Card Holders
Universal default allows credit card companies to increase interest rates if a cardholder makes a late payment to another credit card company or even pays a phone or utility bill late.
The proposed law would have prohibited credit card companies that do business in New York from enforcing universal default provisions against New York cardholders.
There are approximately 30 million credit cards issued to New York residents, with the average consumer holding more than four cards in their wallets. Statistics show that the average U.S. household carries about $9,300 worth of credit card debt.
Senior citizens, who have relied more on credit cards in recent years, are impacted greatly by universal default and other credit card practices. According to a study by the National Consumer Law Center, the average credit card debt for consumers aged 65 to 69 has skyrocketed 217 percent over the last decade to $5,844. AARP New York supported Senator Fuschillo’s proposed law to ban universal default.
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