Washington, DC—NCLR (National Council of La Raza), the largest national Hispanic civil rights and advocacy organization in the United States, today commended lawmakers for standing up for American families by enacting strong and meaningful credit card reform legislation that protects consumers from the credit card industry’s tricks and traps. President Obama’s signature on the credit card bill marks a victory for Americans during this recession’s string of significant financial losses.

“In today’s tough economy, hardworking families are relying on their credit cards more than ever,” said NCLR President and CEO Janet Murguía. “For these households, it’s not about keeping up with the Joneses. It’s about making ends meet.”

Latino and other financially vulnerable communities depend on credit cards to cover unexpected expenses that could cripple a family’s well-being, such as emergency trips to the pediatrician for a sick child or necessary car repairs to allow workers to earn a living. For those who have lost their jobs in this dismal economy, credit cards put food on the table.

Latinos who are new to traditional financial markets are especially susceptible to deceptive credit card tactics. About 13% of Latino card users have cards with interest rates over 20%, compared to 7% of White users. The credit card industry’s unfair practices have kept many Latino families in cycles of debt.

The legislation protects all Americans from suffering damaging credit card abuses. It will prevent companies from arbitrarily raising rates, as well as prohibit companies from raising rates on existing balances if a consumer has been late on other unrelated bills—a practice that drove families struggling with household budgets further into debt.

Credit cards are meant to be a tool for building credit history and responsibly managing household debt. This law returns credit cards to this original purpose.

For more information, visit www.nclr.org

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