Congresswoman Carolyn Maloney (D-NY)
Image by Center for American Progress Action Fund
As unemployment climbs to new highs, and with prices of every day necessities on the rise, American families have taken on a near-record amount of credit card debt to cope with their bills. While no one can doubt the convenience of credit cards—they have replaced cash and checks for every day transactions at the supermarket and pharmacy—cardholder agreements are written in a way that may obscure, rather than clarify, important terms and conditions. These problems could be avoided with a two-pronged solution: first, legislation that would eliminate some of the abuses in the credit card market, and second, orienting cardholders toward making better
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