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Tell Congress to Crack Down on Predatory Credit Card Companies
Target: U.S. Senate, House of RepresentativesSponsored by: Consumers Union
If you're like many Americans, you get numerous attractive, low interest credit card offers in the mail.
But whatÂ’s the catch? YouÂ’re lured to sign up for a low interest rate account, but then it skyrockets. You're offered a minimum payment that keeps the credit flowing but saddles you with debt for decades. You mail the bill before its due, but get hit with an exorbitant late fee anyway. You never miss a payment on this card, but your interest rate goes up due to a missed payment on a different debt.
ItÂ’s a nightmare scenario that afflicts millions of Americans each year. But young people with low incomes and countless credit card offers are especially vulnerable to these predatory practices.
Now thereÂ’s something you can do about it. Congress is considering bills that would put a stop to these abusive practices and empower consumers to get their finances under better control. Please take a moment this holiday season to support credit card reforms that benefit consumers!
Tell Congress itÂ’s time you were treated more fairly by credit card companies!
But whatÂ’s the catch? YouÂ’re lured to sign up for a low interest rate account, but then it skyrockets. You're offered a minimum payment that keeps the credit flowing but saddles you with debt for decades. You mail the bill before its due, but get hit with an exorbitant late fee anyway. You never miss a payment on this card, but your interest rate goes up due to a missed payment on a different debt.
ItÂ’s a nightmare scenario that afflicts millions of Americans each year. But young people with low incomes and countless credit card offers are especially vulnerable to these predatory practices.
Now thereÂ’s something you can do about it. Congress is considering bills that would put a stop to these abusive practices and empower consumers to get their finances under better control. Please take a moment this holiday season to support credit card reforms that benefit consumers!
Tell Congress itÂ’s time you were treated more fairly by credit card companies!
Sign Petition! see who signed this
We signed the “Tell Congress to Crack Down on Predatory Credit Card Companies” petition!
# 13,934:
5:49 pm PST, Feb 5,
Name not displayed, Texas
# 13,933:
12:10 pm PST, Feb 3,
Christine Iadeluca, New York
# 13,932:
6:26 pm PST, Jan 31,
Cheryl Vigoda, Florida
# 13,931:
2:42 am PST, Jan 31,
Tori Rumbaugh, California
# 13,930:
12:21 pm PST, Jan 30,
Lorraine Ewart, Canada
# 13,929:
9:32 am PST, Jan 29,
Douglas Wiegand, Texas
Statements not mailed, Credit protection insurance charges (never signed up), rate increases for missing one payment on another card (based off of report), can't get errors on report fixed even after no fault. No margin for error. System set up to make people fail and get 30%+ rates.
Statements not mailed, Credit protection insurance charges (never signed up), rate increases for missing one payment on another card (based off of report), can't get errors on report fixed even after no fault. No margin for error. System set up to make people fail and get 30%+ rates.
# 13,928:
2:17 am PST, Jan 29,
THERESA ABBOTT, Missouri
# 13,927:
3:37 pm PST, Jan 28,
Genee McNier, Michigan
# 13,926:
11:32 am PST, Jan 27,
Kimkberly Recheck, California
# 13,925:
12:11 am PST, Jan 27,
Name not displayed, Washington
I have refused a MBNA Credit Card for years due to the Company's predatory practices. I have just had MBNA pushed into my life due to a merger between Bank of America and MBNA. The threating letters and late crediting of my Credit Card have just begun. I never wanted to deal with this company but now I am stuck.
I have refused a MBNA Credit Card for years due to the Company's predatory practices. I have just had MBNA pushed into my life due to a merger between Bank of America and MBNA. The threating letters and late crediting of my Credit Card have just begun. I never wanted to deal with this company but now I am stuck.
# 13,924:
9:30 am PST, Jan 26,
Name not displayed, Maine
# 13,923:
8:39 am PST, Jan 26,
Name not displayed, Kansas
Credit Card companies are enabling more citizens into bankrupcy and profiting on this action. This should be a criminal offense. Credit Card companies should not be allowed to offer individuals a large line of credit compared to their annual income. For example, a credit card company will offer between $20,000 and $40,000 dollars to a person who only makes $60,000 dollars a year. Furthermore, an individual should not be allowed to borrow more money on multiple credit cards than he/she makes. Protect America and help the people make better decisions with their lives.
Credit Card companies are enabling more citizens into bankrupcy and profiting on this action. This should be a criminal offense. Credit Card companies should not be allowed to offer individuals a large line of credit compared to their annual income. For example, a credit card company will offer between $20,000 and $40,000 dollars to a person who only makes $60,000 dollars a year. Furthermore, an individual should not be allowed to borrow more money on multiple credit cards than he/she makes. Protect America and help the people make better decisions with their lives.
# 13,922:
6:12 pm PST, Jan 25,
Name not displayed, New York
while i agree with bill phudd's idea of personal responsibility, a rate increase to 32% for a payment that is one day late is absurd. I was a Bill stated a "moron" I pay online and forgot to to hit the final submit button..oops. Hit submit after 3pm est-which counts a being late instant jump to 32% .....sorry bill but that is robbery. and for people making an honest attempt to correct past credit mistakes. 32% gives them no hope
while i agree with bill phudd's idea of personal responsibility, a rate increase to 32% for a payment that is one day late is absurd. I was a Bill stated a "moron" I pay online and forgot to to hit the final submit button..oops. Hit submit after 3pm est-which counts a being late instant jump to 32% .....sorry bill but that is robbery. and for people making an honest attempt to correct past credit mistakes. 32% gives them no hope
# 13,921:
1:13 pm PST, Jan 24,
Name not displayed, New Mexico
The practices of Chase CC are insane...if you miss a payment they up the interest rate til it is impossible to catch up...and charge late fees and over limit fees.
The practices of Chase CC are insane...if you miss a payment they up the interest rate til it is impossible to catch up...and charge late fees and over limit fees.
# 13,920:
8:42 pm PST, Jan 22,
Harry White, California
Credit card companies and banks that issue the cards are nothing more than criminals.
Credit card companies and banks that issue the cards are nothing more than criminals.
# 13,919:
8:03 pm PST, Jan 20,
Stephanie Mitterko, New Jersey
# 13,918:
7:40 am PST, Jan 20,
Thomas Ryan, Ohio
# 13,917:
1:37 pm PST, Jan 19,
Name not displayed, New Mexico
When did loansharking become legal? a 32% rate is just that, and makes it completely impossible for people to get back on their feet when they've had a financial setback. We pay our bills every month, but because of financial setback, were forced to go on hardship arrangement. Once that was completed, rates went to 32%. Now we are right back where we started and unable to keep up with the minimum due.
When did loansharking become legal? a 32% rate is just that, and makes it completely impossible for people to get back on their feet when they've had a financial setback. We pay our bills every month, but because of financial setback, were forced to go on hardship arrangement. Once that was completed, rates went to 32%. Now we are right back where we started and unable to keep up with the minimum due.
# 13,916:
4:43 pm PST, Jan 17,
Name not displayed, Canada
# 13,915:
6:32 am PST, Jan 17,
Bill Phudd, Michigan
Fools can not be protected from themselves. We do not need more government control of our lives. If you are stupid enough to apply for more credit than you can pay off, it is your own fault. Don't bring more government into my life because you are a moron!!!
Fools can not be protected from themselves. We do not need more government control of our lives. If you are stupid enough to apply for more credit than you can pay off, it is your own fault. Don't bring more government into my life because you are a moron!!!
# 13,914:
12:22 pm PST, Jan 16,
Lisa Cowdrey, North Carolina
# 13,913:
9:46 pm PST, Jan 15,
Bobi Milner, Illinois
# 13,912:
1:36 pm PST, Jan 15,
Ron Goodman, Idaho
# 13,911:
3:33 am PST, Jan 15,
Colleen O'brien, Canada
# 13,910:
8:15 pm PST, Jan 14,
Faron Morgan, Nebraska
# 13,909:
12:32 pm PST, Jan 14,
RALPH GARCIA, Florida
# 13,908:
7:47 am PST, Jan 14,
Robin Lyles, Arizona
# 13,907:
12:25 pm PST, Jan 13,
C. Romanelli, Illinois
# 13,906:
8:43 pm PST, Jan 12,
Robert R Stamper III, Wisconsin
Banks are out of control. I work in the automotive business, and if car dealers practiced the way banks are legally allowed to, they would be closed down in hours!!!!
Banks are out of control. I work in the automotive business, and if car dealers practiced the way banks are legally allowed to, they would be closed down in hours!!!!
# 13,905:
1:15 pm PST, Jan 12,
Dave Sennett, Pennsylvania
they abuse the consumers by trapping us into credit that they know we will never be able to pay off.
they abuse the consumers by trapping us into credit that they know we will never be able to pay off.
# 13,904:
12:29 pm PST, Jan 12,
Susan Smith, Illinois
Credit Card payment one day late, rate went from 4.9% to 32%. There is nothing you can do about it.
Credit Card payment one day late, rate went from 4.9% to 32%. There is nothing you can do about it.
# 13,903:
10:54 am PST, Jan 12,
Joseph L Smith, Illinois
Dear Sir or Madam, I carry excessive debt, and that is my fault. However, it is extremely difficult for my family to recover from past mistakes when credit card companies are allowed to increase interest rates to levels exceeding 32%. As you can imagine, an increase from 9% to 32% can drastically increase a monthly payment (by several hundered dollars depending on the balance). Our family fell victim to this scenario and is now forced to consider selling our home and declaring bankruptcy. Please understand that we have a budget and we are making our payments, however, when such draconian increases are instantly assessed how can a family respond? These companies are forcing people into bankruptcy and creating victims out of hard-working families trying to recover from past money management mistakes. Please help.
Dear Sir or Madam, I carry excessive debt, and that is my fault. However, it is extremely difficult for my family to recover from past mistakes when credit card companies are allowed to increase interest rates to levels exceeding 32%. As you can imagine, an increase from 9% to 32% can drastically increase a monthly payment (by several hundered dollars depending on the balance). Our family fell victim to this scenario and is now forced to consider selling our home and declaring bankruptcy. Please understand that we have a budget and we are making our payments, however, when such draconian increases are instantly assessed how can a family respond? These companies are forcing people into bankruptcy and creating victims out of hard-working families trying to recover from past money management mistakes. Please help.
# 13,902:
4:38 am PST, Jan 12,
Rebecca Zerjav, Pennsylvania
Credit card companies should be banned from soliciting on college campuses. Most of these young adults are too naive to realize they're getting themselves into financial trouble. Credit companies prey on that and should be stopped.
Credit card companies should be banned from soliciting on college campuses. Most of these young adults are too naive to realize they're getting themselves into financial trouble. Credit companies prey on that and should be stopped.
# 13,901:
8:17 pm PST, Jan 11,
Todd Hillbury, Oregon