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Curb Abuse by Credit Card Companies
Target: U.S. CongressSponsored by: Consumers Union
Several major banks just hiked interest rates and fees on our credit cards, turning a blind eye to the millions of Americans struggling with the collapsing economy and higher unemployment.
Media reports show Capital One hiked interest rates to 17.9% from 12.9%. Citibank raised their rates an average of 3%. While over at Chase, customers had a "choice" of paying a $120-a-year fee and a higher minimum payment, or a higher interest rate. Meanwhile, the interest rate banks charge each other for overnight loans is as low as 0%.
The Federal Reserve Board passed a new rule to prevent these sudden rate hikes, but it won't go into effect until the middle of 2010. How many times before then will we get slugged with higher rates and fees just so the banks who got billions in taxpayer bailouts can increase their profits?
The chairman of the Senate Banking Committee just reintroduced his bill to put an end to these abuses, saying, “Mark my words: in the coming months, they will end." Other bills also have been introduced to crack down on these abuses.
Let's help make it happen now. Tell Congress we can't afford to wait until mid-2010 for credit card reform!
Sign Petition see who signed this
We signed the “Curb Abuse by Credit Card Companies” petition!
# 18,801:
2:09 pm PDT, May 1,
Linda Goldberg, Massachusetts
# 18,800:
11:25 am PDT, May 1,
Linda Anthony, Pennsylvania
These companies are getting paid sometimes twice or 3 or more times by charging off and getting tax credits for charged off debits and then selling them to SLIMEY JUNK DEBIT coolectors then getting kickbacks and GOVERNMENT BAIL-OUTs TOO!!!! all the while STOP JUNK DEBIT BUYERS PUT THEM OUT OF BUSSINESS
These companies are getting paid sometimes twice or 3 or more times by charging off and getting tax credits for charged off debits and then selling them to SLIMEY JUNK DEBIT coolectors then getting kickbacks and GOVERNMENT BAIL-OUTs TOO!!!! all the while STOP JUNK DEBIT BUYERS PUT THEM OUT OF BUSSINESS
# 18,799:
10:50 am PDT, May 1,
Horace Gray, California
# 18,798:
9:13 am PDT, May 1,
John Prellwitz, Pennsylvania
# 18,796:
8:55 am PDT, May 1,
Margaret Krause, Illinois
# 18,795:
11:43 pm PDT, Apr 30,
Name not displayed, California
# 18,794:
10:01 pm PDT, Apr 30,
Robin Kilgore, Missouri
Even though I was current on all of my credit caed payments and enjoyed an excellent credit rating and low interest rates, I was victimized by a system that allowed all of my credit card companies to raise my interest rates to their maximum (avg. 29%), simply because one credit card company filed bankruptcy and the intervening agency that took over as part of their recovery, changed all the account #'s. This was an ONLINE account and though I tried for 3 months to login and make my payments like usual, I was unable to gain access because they had changed my acct.#. After 3 months, I was finally contacted by phone and informed of the changes. I paid up and was current, but, in the meantime this information was placed in my credit report as delinquent for 90 days. As a result, every other card raised my rates thru the roof, even though I had always been current with them. I even explained the other companies error and provided them with a letter from a supervisor there to that effect. IT MADE NO DIFFERENCE !!!!! As a result, I defaulted on my payments when medical expenses arose and the companies would not work with me. Now my credit rating has gone from excellent to POOR!!! HOLD THEIR FEET TO THE FIRE.....PROTECT THE CONSUMERS...NOW!!!!
Even though I was current on all of my credit caed payments and enjoyed an excellent credit rating and low interest rates, I was victimized by a system that allowed all of my credit card companies to raise my interest rates to their maximum (avg. 29%), simply because one credit card company filed bankruptcy and the intervening agency that took over as part of their recovery, changed all the account #'s. This was an ONLINE account and though I tried for 3 months to login and make my payments like usual, I was unable to gain access because they had changed my acct.#. After 3 months, I was finally contacted by phone and informed of the changes. I paid up and was current, but, in the meantime this information was placed in my credit report as delinquent for 90 days. As a result, every other card raised my rates thru the roof, even though I had always been current with them. I even explained the other companies error and provided them with a letter from a supervisor there to that effect. IT MADE NO DIFFERENCE !!!!! As a result, I defaulted on my payments when medical expenses arose and the companies would not work with me. Now my credit rating has gone from excellent to POOR!!! HOLD THEIR FEET TO THE FIRE.....PROTECT THE CONSUMERS...NOW!!!!
# 18,793:
8:36 pm PDT, Apr 30,
Name not displayed, California
THEY PLAY A GAME WITH YOU OF APPLYING YOUR PAYMENTS TOWARDS THE LOWEST INTEREST TRANSACTION WHILE THE HIGHER INTERST RATES ON PREVIOUS PURCHASES STACK. YOUR PROMOTIONAL RATE IS A GEMICK IF YOU HAVE A BALANCE FROM OTHER PURCHASES. ALWAYS ZERO YOU BALANCE BEFORE USING ANY PROMOTIONAL OFFERS.
THEY PLAY A GAME WITH YOU OF APPLYING YOUR PAYMENTS TOWARDS THE LOWEST INTEREST TRANSACTION WHILE THE HIGHER INTERST RATES ON PREVIOUS PURCHASES STACK. YOUR PROMOTIONAL RATE IS A GEMICK IF YOU HAVE A BALANCE FROM OTHER PURCHASES. ALWAYS ZERO YOU BALANCE BEFORE USING ANY PROMOTIONAL OFFERS.
# 18,792:
6:57 pm PDT, Apr 30,
Ellyn Musser, Georgia
# 18,791:
6:43 pm PDT, Apr 30,
Name not displayed, Georgia
# 18,790:
5:33 pm PDT, Apr 30,
Andre Soucy, Canada
The banks run the world. They are trying to elminate middle and lower class. Let's stop this at once!
The banks run the world. They are trying to elminate middle and lower class. Let's stop this at once!
# 18,789:
5:20 pm PDT, Apr 30,
Adrienne Allen, New York
# 18,788:
4:38 pm PDT, Apr 30,
Eric Simpson, California
# 18,787:
4:21 pm PDT, Apr 30,
Name not displayed, Florida
Higher interest rates and no jobs does not equal getting paid. What it amounts to is more people in a greater amount of debt and nobody will win if there is not some understanding and leyway.
Higher interest rates and no jobs does not equal getting paid. What it amounts to is more people in a greater amount of debt and nobody will win if there is not some understanding and leyway.
# 18,786:
4:05 pm PDT, Apr 30,
William John Westerman ND, Australia
# 18,785:
|
3:37 pm PDT, Apr 30,
Allan Haseltine, Connecticut
|
# 18,784:
3:14 pm PDT, Apr 30,
Deborah Beck, New York
Please help fix this outrageous situation!
Please help fix this outrageous situation!
# 18,783:
3:08 pm PDT, Apr 30,
Carol Spangler, Texas
I am furious. It has happened to me with Capital One, Citicard, HSBC and GE Money. They have lowered my credit limits to almost to my balance, raised interest rate which has caused double the minimum due and has lowered my credit score tremendously. I am so upset. Something has to be done and now!!
I am furious. It has happened to me with Capital One, Citicard, HSBC and GE Money. They have lowered my credit limits to almost to my balance, raised interest rate which has caused double the minimum due and has lowered my credit score tremendously. I am so upset. Something has to be done and now!!
# 18,782:
2:44 pm PDT, Apr 30,
Coral Thomson, Canada
# 18,781:
2:19 pm PDT, Apr 30,
Gianfranco Frelli, Italy
# 18,780:
2:07 pm PDT, Apr 30,
Name not displayed, Colorado
I am frustrated because the rich guys get all the breaks, and ordinary americans are being taxed and our fees are rising. We can't get ahead .
I am frustrated because the rich guys get all the breaks, and ordinary americans are being taxed and our fees are rising. We can't get ahead .
# 18,779:
12:44 pm PDT, Apr 30,
Name not displayed, Michigan
# 18,778:
12:35 pm PDT, Apr 30,
Nereida Yanez, California
# 18,777:
11:43 am PDT, Apr 30,
James Enewold, Nevada
# 18,776:
9:55 am PDT, Apr 30,
Janice Smith, South Carolina
# 18,775:
8:39 am PDT, Apr 30,
Name not displayed, Texas
# 18,774:
1:02 am PDT, Apr 30,
Barbara Martindale, Michigan
Earlier last year, my interest rate was raised, and for no reason. I had not had any problem at all, with paying or late as such. I would like to know, if the Govenment is suppose to be helping the average American, why this hasn't been stopped, before now! I am a taxpayer, and the average American person, doesn't receive a bailout, and it's all our money these rotten greedy buzzards are being bailed out with. Why are they all supposedly better then we all are. I know, they live much higher, then we all do, and only better they are all pocketing all our money. That's exactly why. They all have been abusing all of the average American People, for years on and on and on. And the Government allows it. I would like to know, why they are allowed to do this? Why aren't none of these rotten greedybuzzards put in prison like anyone of us, would of been if it was any of the average people stealing from one of them or anyone else. This definitely is not justice at all. It's suppose to be "Justice For All". It seems to me it's a one sided deal only. They are wealthy only because of the average American People only, that always gets the shaft as always. And we are suppose to believe in all our Government Leaders, and that they always do the right thing. Absolutely not. The Government is always doing something they shouldn't all the time. Listen to the Media. Do all the average Americans a favor, this time do the right thing. And stop all the bull, with the the creditors and Banks etc. We have always had to pay the Government etc out, of their balancing their budgets out of always each of our own pockets, and that's definitely not fair. Let all man kind be absolutely fair, and stop all their greed and power crap, on each other. I'd like to know what happen to the words "In God We Trust Only". And not none of the people, this abuse has been freely distributing their greed and power on. Start putting all the rotten greedy buzzards in prison where they all belong. Start treating them like what they really are criminals. Put a stop to all this, now!
Earlier last year, my interest rate was raised, and for no reason. I had not had any problem at all, with paying or late as such. I would like to know, if the Govenment is suppose to be helping the average American, why this hasn't been stopped, before now! I am a taxpayer, and the average American person, doesn't receive a bailout, and it's all our money these rotten greedy buzzards are being bailed out with. Why are they all supposedly better then we all are. I know, they live much higher, then we all do, and only better they are all pocketing all our money. That's exactly why. They all have been abusing all of the average American People, for years on and on and on. And the Government allows it. I would like to know, why they are allowed to do this? Why aren't none of these rotten greedybuzzards put in prison like anyone of us, would of been if it was any of the average people stealing from one of them or anyone else. This definitely is not justice at all. It's suppose to be "Justice For All". It seems to me it's a one sided deal only. They are wealthy only because of the average American People only, that always gets the shaft as always. And we are suppose to believe in all our Government Leaders, and that they always do the right thing. Absolutely not. The Government is always doing something they shouldn't all the time. Listen to the Media. Do all the average Americans a favor, this time do the right thing. And stop all the bull, with the the creditors and Banks etc. We have always had to pay the Government etc out, of their balancing their budgets out of always each of our own pockets, and that's definitely not fair. Let all man kind be absolutely fair, and stop all their greed and power crap, on each other. I'd like to know what happen to the words "In God We Trust Only". And not none of the people, this abuse has been freely distributing their greed and power on. Start putting all the rotten greedy buzzards in prison where they all belong. Start treating them like what they really are criminals. Put a stop to all this, now!
# 18,773:
12:33 am PDT, Apr 30,
David Clements, Florida
# 18,772:
|
11:15 pm PDT, Apr 29,
Olga Andrei, California
Stop attack on bank clients. |
# 18,771:
11:05 pm PDT, Apr 29,
Rina Marklar, California
# 18,770:
10:42 pm PDT, Apr 29,
Barbara McLendon, Georgia
# 18,769:
9:41 pm PDT, Apr 29,
Alain Marsot, California
# 18,768:
7:55 pm PDT, Apr 29,
Jaeryn Spedden, Texas
# 18,767:
7:29 pm PDT, Apr 29,
Sue Lamb, Wisconsin
Enough is enough. I recently had my fixed rate credit card go to a variable. Why? Because they aren't sucking the life out of me enough already? Then they say that I can protest it, so naturally I do. So they then tell me ok, we will leave it but if I use the card ever again, it will automatically go to a variable.
Enough is enough. I recently had my fixed rate credit card go to a variable. Why? Because they aren't sucking the life out of me enough already? Then they say that I can protest it, so naturally I do. So they then tell me ok, we will leave it but if I use the card ever again, it will automatically go to a variable.
# 18,766:
7:00 pm PDT, Apr 29,
Alaina Kauffman, Oregon
These banks need to be reigned in. Their practices are inefficient and reprehensible yet they go on profiting regardless of who foots the bill.
These banks need to be reigned in. Their practices are inefficient and reprehensible yet they go on profiting regardless of who foots the bill.
# 18,765:
6:07 pm PDT, Apr 29,
James Macdonald, Canada
# 18,764:
6:05 pm PDT, Apr 29,
Cheryl Trusty, Minnesota
# 18,763:
5:18 pm PDT, Apr 29,
Conner L Dennison, Arizona
No words exist that can convey my utter frustration and anger over this issue. I am incensed to the point of apoplexy! As a small business person I utilized my excellent 27-year credit history to obtain pesonal loans to finance the start up of my business. I have an excellent payment history and always paid more than the minimum. Then the interests rates on my credit cards and line of credit jumped so high that I am now struggling just to make the minimum payments with virtually no dent being made to the principal. Also, the due dates keep fluctuating each month, which makes it difficult to budget payments. As a result I have recently missed payment deadlines and now incur late fees on top of the higher rates. Please, for God's sake, implement some type of immediate relief for consumers - especially some type of usury law! These unconscionable rates and abusive practices are akin to loansharking and anyone in power who permits this is aiding and abetting loansharking and (for the Christian conservatives in Congress) violating God's law. I have gone from a decent, law-abiding, tax paying, citizen who believes in paying back all of my debt obligations, to one is now noisily advocating walking - hell, running away from these debts (unplugging from the Matrix) and leaving these multinational corporate mobsters in the lurch. And if they try to keep me under their thumb with old canard - 'but it will adversely effect your credit score'. To hell with my credit score! -it has already been negatively impacted by a situation over which I virtually have no control. And we are expected to wait a whole year before any reform goes into effect while the banks get immediate multi-billion dollar handouts!!! Unbelievable!! The 2010 reforms wont help my current situation one iota and probably wont do any of us much good then either. I could just vomit.
No words exist that can convey my utter frustration and anger over this issue. I am incensed to the point of apoplexy! As a small business person I utilized my excellent 27-year credit history to obtain pesonal loans to finance the start up of my business. I have an excellent payment history and always paid more than the minimum. Then the interests rates on my credit cards and line of credit jumped so high that I am now struggling just to make the minimum payments with virtually no dent being made to the principal. Also, the due dates keep fluctuating each month, which makes it difficult to budget payments. As a result I have recently missed payment deadlines and now incur late fees on top of the higher rates. Please, for God's sake, implement some type of immediate relief for consumers - especially some type of usury law! These unconscionable rates and abusive practices are akin to loansharking and anyone in power who permits this is aiding and abetting loansharking and (for the Christian conservatives in Congress) violating God's law. I have gone from a decent, law-abiding, tax paying, citizen who believes in paying back all of my debt obligations, to one is now noisily advocating walking - hell, running away from these debts (unplugging from the Matrix) and leaving these multinational corporate mobsters in the lurch. And if they try to keep me under their thumb with old canard - 'but it will adversely effect your credit score'. To hell with my credit score! -it has already been negatively impacted by a situation over which I virtually have no control. And we are expected to wait a whole year before any reform goes into effect while the banks get immediate multi-billion dollar handouts!!! Unbelievable!! The 2010 reforms wont help my current situation one iota and probably wont do any of us much good then either. I could just vomit.
# 18,762:
5:13 pm PDT, Apr 29,
Vidhi Gupta, Pennsylvania
# 18,761:
3:59 pm PDT, Apr 29,
Sid Singh, Colorado
# 18,760:
2:36 pm PDT, Apr 29,
Hector Chaires, California
Such unilateral action done by the Credit Card Companies has been extremelly harmful practice since long time ago, it is a legalized insane abuse and must be stopped now, not tomorrow. Then, they can start to apply the Golden Rule by making amends to all customers including refunds.
Such unilateral action done by the Credit Card Companies has been extremelly harmful practice since long time ago, it is a legalized insane abuse and must be stopped now, not tomorrow. Then, they can start to apply the Golden Rule by making amends to all customers including refunds.
# 18,759:
1:44 pm PDT, Apr 29,
Tiffany Rollo, Illinois
Stop the abuse of consumers!
Stop the abuse of consumers!
# 18,758:
1:36 pm PDT, Apr 29,
Joseph Schuchert, Michigan
# 18,757:
1:22 pm PDT, Apr 29,
Name not displayed, California
My wife and I have FICO scores well over 700 and have always paid our credit cards on time, everytime. What do we get in return? Chase increases our credit card interest rate from 5.24% to 10.24% - virtually double. American Express gave us a double whammy - dropped our credit limit from $14,000 to $5,000 while increasing the rate from 7.49% to 10.49%. This is flat out abuse from TARP recipients. Make them roll back these completely unfair changes to good customers!!
My wife and I have FICO scores well over 700 and have always paid our credit cards on time, everytime. What do we get in return? Chase increases our credit card interest rate from 5.24% to 10.24% - virtually double. American Express gave us a double whammy - dropped our credit limit from $14,000 to $5,000 while increasing the rate from 7.49% to 10.49%. This is flat out abuse from TARP recipients. Make them roll back these completely unfair changes to good customers!!
# 18,756:
1:17 pm PDT, Apr 29,
Name not displayed, Louisiana
American Express, Bank of America and Chase raised my rates even though my credit score is in the mid-900 range and I have never been late with a payment. They told me that it was because of the economy and that they were raising rates on everyone. My response is not to use their cards until the rates are returned to their original level. Fortunately, I have another card that has kept my rate at 6.99%, and they are getting my business.
American Express, Bank of America and Chase raised my rates even though my credit score is in the mid-900 range and I have never been late with a payment. They told me that it was because of the economy and that they were raising rates on everyone. My response is not to use their cards until the rates are returned to their original level. Fortunately, I have another card that has kept my rate at 6.99%, and they are getting my business.
# 18,755:
1:05 pm PDT, Apr 29,
Name not displayed, Missouri
# 18,754:
12:46 pm PDT, Apr 29,
Susan Trivisonno, California
# 18,753:
12:17 pm PDT, Apr 29,
Elizabeth Reynolds, United Kingdom
# 18,752:
11:14 am PDT, Apr 29,
William Grome, Massachusetts
A little of something is better than nothing!!!!Financial Institutions should remember this,before increasing rates and fees.They already have our Tax money,do they need all of our "Disposable Income" too?If they want to survive,they should LOWER RATES and FEES,not increase them!!!!!Make it possible for ordinary people to pay off their debts,over time,not cause them to default or go bankrupt and not get any money at all!!!
A little of something is better than nothing!!!!Financial Institutions should remember this,before increasing rates and fees.They already have our Tax money,do they need all of our "Disposable Income" too?If they want to survive,they should LOWER RATES and FEES,not increase them!!!!!Make it possible for ordinary people to pay off their debts,over time,not cause them to default or go bankrupt and not get any money at all!!!
# 18,751:
11:03 am PDT, Apr 29,
Laurie Anderson, Massachusetts
We all, including the credit card companies, are in this together and need to do our part for the long-term common good of all so that we can once again stabilize our economy. Please hold credit card companies accountable for playing a HEALTHY part in our economy by keeping fees stable (or even reducing them) as a way of stabilizing our economy, instead of increasing fees and feeding the downward spiral of financial ruin born of greed. Thank you!
We all, including the credit card companies, are in this together and need to do our part for the long-term common good of all so that we can once again stabilize our economy. Please hold credit card companies accountable for playing a HEALTHY part in our economy by keeping fees stable (or even reducing them) as a way of stabilizing our economy, instead of increasing fees and feeding the downward spiral of financial ruin born of greed. Thank you!
