Mandy: Public Reaction to the Credit Cardholders’ Bill of Rights

So the The Credit Cardholders' Bill of Rights Act of 2009 (full details and timeline) passed the U.S. House of Representatives by a wide margin, indicating strong support from Republicans, Democrats and Independents alike.

Of the 427 Representatives who bothered to vote, 70 voted against it. So that’s about 84% in favor. I thought I’d take a trip through various parts of the Web to see how random groups of Americans felt about it.

Last August, CreditCards.com reported a survey which concluded that 74% of respondents agreed at least somewhat that “The government should regulate the credit card industry more carefully”.

A New York Daily News Poll which phrased the question as “Are credit card companies’ fees charges fair to consumers?” (which isn’t really what the Bill is about) found that 88% of respondents say “No.”

Over at OpposingViews.com, with only 250 votes so far, 75% of people think the Bill will help consumers.

A recent CNBC poll question: Do you think you have been unfairly treated by a credit card issuer? sees 67% responding “Yes”.

It’s not just Americans, either. A recent poll reported by the CBC in Canada says that 82% of Canadians want some kind of “bill of rights” to protect them when disputing unfair practices by the credit agencies.

It looks to me like the U.S. House vote is directly in line with what the public wants. I’m not sure I can tell you the last time I noticed that happening. If this topic is new to you, see what all the fuss is about.

The second episode of the Consumerism Commentary Podcast is now available!

Public Reaction to the Credit Cardholders’ Bill of Rights