I will seek advanced credit card reform legislation. The current system is unfair, deprives access and preys on the vulnerable. If we are to truly invest in our country it is important that there be serious reform of the credit card industry. Americans need access to credit unencumbered by the pitfalls that exist only to protect companies.

There are three major problems that Congress needs to address. First, companies prey on the vulnerable and offer them a line of credit that they know cannot be maintained. They go to college campuses and offer students credit cards knowing full well that payments will be missed and penalties attached. This just is not fair. I will pass legislation that places stricter regulations on the credit card companies to lend only to those who will likely be able to fulfill their financial obligations.

Second, once the credit card companies trap the consumer, they apply exorbitant interest rates that ensure the borrower will never be able to catch up. Interest rates as high as 30% are the result of greed and demonstrate that Congress needs to step in to protect the consumer.

Third, credit card companies are now punishing consumers for their own fateful policies. In response to the current economic crisis, many of us have received notice from our credit card company that our line of credit has been reduced. This presents a problem because the percentage borrowed of your credit line is used to calculate your credit score. So, although you may have only been using 25% of your credit limit yesterday, today you may be using 75% of it. You did absolutely nothing and your credit score dropped. These practices must be regulated to protect the consumer.

The problem is not that credit card companies seek to make money. But the huge profits now being earned on the backs of American people are completely disproportionate to the services provided. If elected, I will push for reform to keep the credit card companies accountable for their actions.