Stop Unfair Practices by Credit Card Companies

by: Consumers Union
recipient: U.S. Congress

Lawmakers want to send an economic rescue package to the President right away. There's one common-sense financial reform they can include that won't cost taxpayers a cent -- stop companies from squeezing your credit cards for extra cash.

Federal agencies just finalized new rules to rein in the card companies -- but then gave them 18 months before they have to comply! Congress can give you these protections and more, now. So let them know that you want them to:

* Stop card companies from randomly hiking the interest rate on your balances any time for any reason;
* Require card companies to more fairly distribute your payments to high-interest debt first;
* Stop them from changing the terms of your agreement without giving you notice; and
* Stop heavy marketing of credit to young people.

That will be an economic rescue for the rest of us. Tell your lawmakers to pass these reforms now -- and help every family who uses credit cards.

read petition letter ▾

Stop credit card companies from gouging me!

Dear [Decision Maker],

As our nation's economy struggles, I urge you to include credit card reform in your economic rescue plan. Pass it quickly and send it on to the new President for his signature. This is what he is asking for in any stimulus package.

Credit card reform is an "economic rescue for the rest of us" that won't cost the taxpayers a dime but will strengthen the economy of each household, and with us, the economy as a whole.

As a responsible card carrier, I shouldn't be subjected to unexpected interest rate increases and fees, especially during these tough economic times. Federal agencies recently agreed on important reforms, but let card companies off the hook until July 2010. We need these reforms and more right now.

The U.S. House has already passed strong credit card reform, so good legislation has been crafted. Pass it quickly and send it on to the new President for his signature.

Here are the some of the critical reforms that will help me and my family:

-- Prevent my card company from changing the rules of the game midstream. My credit card company shouldn't be allowed to arbitrarily hike my interest rate and apply it to my existing balance. A deal should be a deal.

-- Require card companies to apply my payments fairly across my different balances and not just to the lowest interest balance. That's just common sense.

-- Control the size and duration of penalty interest rates. Companies shouldn't be able to keep me at usurious interest rates forever only for one late payment or another minor infraction.

[Your comment here]

As you work to rescue big corporations, I urge you to also take steps to help American families pay down their debt and stabilize their personal economic situation. That will be an economic rescue for the rest of us.

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The U.S. House has already passed strong credit card reform, so good legislation has been crafted. Pass it quickly and send it on to the new President for his signature. Here are the some of the critical reforms that will help me and my family: -- Prevent my card company from changing the rules of the game midstream. My credit card company shouldn't be allowed to arbitrarily hike my interest rate and apply it to my existing balance. A deal should be a deal. -- Require card companies to apply my payments fairly across my different balances and not just to the lowest interest balance. That's just common sense. -- Control the size and duration of penalty interest rates. Companies shouldn't be able to keep me at usurious interest rates forever only for one late payment or another minor infraction. [Your comment here] As you work to rescue big corporations, I urge you to also take steps to help American families pay down their debt and stabilize their personal economic situation. That will be an economic rescue for the rest of us.

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Stop Unfair Practices by Credit Card Companies