Chellie Pingree warns of dangers of high credit card debt

Calls for tighter regulation of credit card industry

For immediate release

Contact: Willy Ritch 841-8400 (m) 773-0155 (o)

At a candidate's forum in Bath last night, 1st District Congressional candidate Chellie Pingree called for tighter regulation of the credit card industry and warned of the danger to the economy of high credit card debt and credit card companies that take advantage of consumers.

"As the economy has spun into a recession the focus has been on mortgage backed securities," Pingree said. "But a second problem contributing to our weakened economy is high credit card debt."

"Companies offering easy credit are part of a big time scam and we have reached the highest rate of credit and borrowing in our country ever. This debt is effecting pension funds and crippling many other sectors our economy." Pingree says consumers are hurt when credit card companies make terms difficult to understand and raise interest rates and levy steep late charges for little or no reason.

Pingree said a lack of oversight is partially to blame. "Congress has a role in regulating these markets," she said. "And it's time it took a hard look at solutions to what is becoming a serious problem for the American economy."

Ruth Lawson-Stopps of Bath was one voter who watched the forum. "There is a strong field out there--but Chellie Pingree rose to the top. I like her focus on the economy, health care and her grasp of healthcare issues. She has state and national experience. She knows her way around Washington. She gets it."

Lawson-Stopps was so impressed with Pingree's presentation last night that she cast her vote for Pingree today. "I went to the Bath City clerk and asked for a ballot. I know Chellie is the person we need to send to Washington."

Any registered voter may vote early in person at their local town clerk's office. No application for an absentee ballot is required. Registered voters can also vote early by mail by applying for an absentee ballot up to three months before Election Day. Applications are also available from the voter's local town clerk. Absentee ballots must be received by Election Day.

Chellie Pingree is a candidate for Congress in Maine's 1st District. Pingree has earned a reputation as someone who is willing to stand up and tell the truth, even when it isn't popular. She got her start in public service in her hometown of North Haven. As Majority Leader in the Maine Senate, Pingree introduced and fought to pass a landmark prescription drug-pricing program. She then ran for the US Senate against Susan Collins in 2002, opposing the war in Iraq at a time when it wasn't a politically popular. For four years Pingree served as national president of Common Cause, where she fought for ethics and campaign finance reform and against media consolidation.

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