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Credit Cards: When You Talk, The Fed Listens!
Target: The Federal Reserve BoardSponsored by: Consumers Union
As the economy tightens, consumers are feeling the squeeze. To make matters worse, credit card companies continue to grab dollars from our wallets through unfair and excessive fees and arbitrary interest rates hikes.
But consumer frustration with credit card companies is coming through loud and clear: the Federal Reserve is taking action to rein in abuses. The reason? They got 2,000 stories from people like you about how they were tricked by their card company.
The Fed's proposed rules are tough, but they're not a sure thing. The credit card companies are fighting hard to weaken the rule before it becomes final, because they don't want to give up their easy profits. That's why we need you to demand real change! Tell your own story or just your thoughts. The rules would:
- Stop companies from hiking interest rates on existing balances (unless you pay 30 days late).
- Stop them from applying your monthly payment to low-interest debt first.
- Give you time between the bill and the due date so you can always pay on time.
- Stop interest charges on debts paid off the previous month.
Don't let the banks win! The Federal Reserve needs to hear from more than the big bank lobbyists. Please note: personal comments make a BIG difference--it doesn't have to be long!
Sign Letter see who signed this
We support credit card reform!
# 5,127:
9:03 pm PDT, Aug 4,
Bert Newsom, Illinois
# 5,126:
8:59 pm PDT, Aug 4,
Name not displayed, Oregon
The Feds need to crack down on banks that give elderly people huge credit card limits and then inundate them with credit card check offers. These folks are on limited fixed incomes and can not afford these higher interest rates. Leave these aging American's alone!!
The Feds need to crack down on banks that give elderly people huge credit card limits and then inundate them with credit card check offers. These folks are on limited fixed incomes and can not afford these higher interest rates. Leave these aging American's alone!!
# 5,125:
7:11 pm PDT, Aug 4,
Diane Kavanaugh vetort, Michigan
It is unfair that interest rates can be raised on customers with excellent credit history, making on time payments. They are raised with little or no notice making it harder and harder to pay off multiple debts. I find that the most offensive practice, raising interest rates on customers based on how much credit they have, regardless of their payment history.
It is unfair that interest rates can be raised on customers with excellent credit history, making on time payments. They are raised with little or no notice making it harder and harder to pay off multiple debts. I find that the most offensive practice, raising interest rates on customers based on how much credit they have, regardless of their payment history.
# 5,124:
7:04 pm PDT, Aug 4,
Samantha Yong, New Jersey
# 5,123:
6:16 pm PDT, Aug 4,
Eric Grejda, Virginia
# 5,122:
5:43 pm PDT, Aug 4,
David Irgang, Missouri
# 5,121:
5:40 pm PDT, Aug 4,
August Killen, Pennsylvania
had card for 19 years owning my own small business there are many times I had to pay late but always paid monthly took the late fee and interest hikes but to go up to 29.24% still I sent in my payments. Until in late July I went to use my card to fined out the FIA cc Co. closed my acct. This is the life line of my bus. to keep going until monies owed to me is paid I am devastated and afraid my Company won't survive this hit on top of hard time. This is the most criminal act and If I would do this to a customer I would have to go to court Please right this wrong so no other has to go through this humiliation. thank you August Killen
had card for 19 years owning my own small business there are many times I had to pay late but always paid monthly took the late fee and interest hikes but to go up to 29.24% still I sent in my payments. Until in late July I went to use my card to fined out the FIA cc Co. closed my acct. This is the life line of my bus. to keep going until monies owed to me is paid I am devastated and afraid my Company won't survive this hit on top of hard time. This is the most criminal act and If I would do this to a customer I would have to go to court Please right this wrong so no other has to go through this humiliation. thank you August Killen
# 5,120:
5:15 pm PDT, Aug 4,
Frances Mendenhall, Minnesota
Credit card companies are the only businesses which are allowed to change the terms of the contract arbitrarily and unilaterally. The abusive practices of the credit card lenders such as universal default and higher and higher fees are sapping the economy and hurting American Families, driving people into bankruptcy, foreclosure and even suicide. These practices cannot be allowed to continue. This situation is a train wreck for the American people.
Credit card companies are the only businesses which are allowed to change the terms of the contract arbitrarily and unilaterally. The abusive practices of the credit card lenders such as universal default and higher and higher fees are sapping the economy and hurting American Families, driving people into bankruptcy, foreclosure and even suicide. These practices cannot be allowed to continue. This situation is a train wreck for the American people.
# 5,119:
4:49 pm PDT, Aug 4,
Laura Oakes, California
# 5,118:
4:25 pm PDT, Aug 4,
Joan Wilson, California
# 5,117:
4:15 pm PDT, Aug 4,
Kim Gagnon, California
# 5,116:
4:09 pm PDT, Aug 4,
Siobhan Walker, Florida
# 5,115:
3:27 pm PDT, Aug 4,
Jill Johnston, Washington
When people tries to pay their debts, no one should penalize them. Rather, they should be assisted, even by non-interference, to be responsible. What is to be gained by putting more people in further financial straits?
When people tries to pay their debts, no one should penalize them. Rather, they should be assisted, even by non-interference, to be responsible. What is to be gained by putting more people in further financial straits?
# 5,114:
3:25 pm PDT, Aug 4,
YVETTE GOULD, Washington
# 5,113:
3:09 pm PDT, Aug 4,
Jennifer Poll, Washington
I've always had good credit and been a responsible customer, paying on time, and trying to pay more than the minimum when I can, but I've had a few occasions where the credit card company will suddenly, without warning, increase my APR from a very low, reasonable rate, to the highest amount... like.. 29%! This is unreasonable when I've done nothing to cause it. I also believe credit card companies should not be able to even CHARGE such high rates when banks or other lending institutions can't. How is this not loan sharking? Please do what you can to stop the deceptive practices of credit card companies and vote yes on R-1314.
I've always had good credit and been a responsible customer, paying on time, and trying to pay more than the minimum when I can, but I've had a few occasions where the credit card company will suddenly, without warning, increase my APR from a very low, reasonable rate, to the highest amount... like.. 29%! This is unreasonable when I've done nothing to cause it. I also believe credit card companies should not be able to even CHARGE such high rates when banks or other lending institutions can't. How is this not loan sharking? Please do what you can to stop the deceptive practices of credit card companies and vote yes on R-1314.
# 5,112:
2:40 pm PDT, Aug 4,
Annie Mandese, New York
Don't Take Advantage of Us!!!!!!!!!!!!!!!
Don't Take Advantage of Us!!!!!!!!!!!!!!!
# 5,111:
2:39 pm PDT, Aug 4,
Mara Burghard, Missouri
# 5,110:
2:29 pm PDT, Aug 4,
Name not displayed, California
# 5,109:
2:24 pm PDT, Aug 4,
Steven Ald, New York
I am an attorney and I know that the current rules often cause credit card companies to drive people to bankruptcy. This is not in their own interest or the public interest. You should stop them from hurting themselves with these unfair practices.
I am an attorney and I know that the current rules often cause credit card companies to drive people to bankruptcy. This is not in their own interest or the public interest. You should stop them from hurting themselves with these unfair practices.
# 5,108:
2:23 pm PDT, Aug 4,
Yolanda Burson, Louisiana
# 5,107:
1:48 pm PDT, Aug 4,
Kathryn DeMeritt, Washington
# 5,106:
1:35 pm PDT, Aug 4,
Eliza Johnson, California
# 5,105:
1:09 pm PDT, Aug 4,
Name not displayed, Texas
To increase, inch by inch, interest rates when you are paying everything - and I do mean everything- on time is ludicrous. The consumer is completely at the mercy of the credit card companies and this is unfair
To increase, inch by inch, interest rates when you are paying everything - and I do mean everything- on time is ludicrous. The consumer is completely at the mercy of the credit card companies and this is unfair
# 5,104:
1:07 pm PDT, Aug 4,
William Grueneberg, California
# 5,103:
1:00 pm PDT, Aug 4,
Lori Roberson, Kentucky
Time to stop robbing from the poor and giving to the rich!
Time to stop robbing from the poor and giving to the rich!
# 5,102:
12:56 pm PDT, Aug 4,
Emily Goodwin Durand, Pennsylvania
# 5,101:
12:56 pm PDT, Aug 4,
Suzanne Torres, Florida