Care2 member? Log in
|
|
 |
Reform Unfair Credit Card Tricks
Target: U.S. Federal Reserve Board
Sponsored by: Americans for Fairness in Lending
Sponsored by: Americans for Fairness in Lending
Do you think it's unfair when a credit card company suddenly decides to apply a new, higher interest on an old balance? Have you ever received a credit card bill, only to realize that it was due so soon that you had to pay it right away?
The Federal Reserve Board and two other federal banking agencies are proposing a rule to reform some of the most unfair credit card tricks. But this important new rule is just a proposal at this point, and the banks are fighting hard to weaken it before it becomes final.
Don't let the banks win! Share with the Federal Reserve Board your experience with unfair credit card practices. Putting your personal story into the Federal Reserve Board's comment process ensures that the Fed hears about all types of unfair credit card practices and improves the odds that a strong version of the rule is adopted.
The Fed will only take into account messages with personalized comments, so please be sure to include a comment. Also, the comments you submit will be made available to the public, so don't include your account number.
Send Letter see who signed this
We took action on “Reform Unfair Credit Card Tricks”!
# 10,366:
9:05 pm PDT, Aug 3,
Ellen Franzen, California
I strongly object to credit card interest rates above 15%. Frankly, it seems like a bank like Bank of America should not be charging 32% interest even if payments are missed or made late. Periodically our interest rate is raised from its normally low rate of 8% to 11% and my husband always has to call and get it lowered again. It never went below 8% even though the Fed was charging much less, so I assume our credit card companies were making out like bandits. If you want the economy to hum, credit card companies should charge reasonable rates and not change them without provocation. Otherwise, eventurally people will stop buying...
I strongly object to credit card interest rates above 15%. Frankly, it seems like a bank like Bank of America should not be charging 32% interest even if payments are missed or made late. Periodically our interest rate is raised from its normally low rate of 8% to 11% and my husband always has to call and get it lowered again. It never went below 8% even though the Fed was charging much less, so I assume our credit card companies were making out like bandits. If you want the economy to hum, credit card companies should charge reasonable rates and not change them without provocation. Otherwise, eventurally people will stop buying...
# 10,365:
6:33 pm PDT, Aug 3,
Debra Jepsen, Wisconsin
I am a classic example of how a person's life can be destroyed by these companies. I work long hours, always have. Life has brought difficult times no matter how hard I work. Unlike not that many decades ago, OUR COUNTRY NOW ALLOWS LEGAL LOAN SHARKING BY THUGS IN HIGH RISE BUILDINGS TO DESTROY OUR LIVES, INTENTIONALLY>
I am a classic example of how a person's life can be destroyed by these companies. I work long hours, always have. Life has brought difficult times no matter how hard I work. Unlike not that many decades ago, OUR COUNTRY NOW ALLOWS LEGAL LOAN SHARKING BY THUGS IN HIGH RISE BUILDINGS TO DESTROY OUR LIVES, INTENTIONALLY>
# 10,364:
5:05 pm PDT, Aug 3,
Name not displayed, Maryland
# 10,363:
2:58 pm PDT, Aug 3,
Claude Williams, Hawaii
# 10,362:
1:46 pm PDT, Aug 3,
Christopher Nettles, M.A., Virginia
The current practices of credit card companies amount to nothing less than usury. Every major religion in the world has prohibitions against usury for a reason - it is morally reprehensible. It is time for the US to reign in these abusive practices.
The current practices of credit card companies amount to nothing less than usury. Every major religion in the world has prohibitions against usury for a reason - it is morally reprehensible. It is time for the US to reign in these abusive practices.
# 10,361:
7:58 pm PDT, Aug 2,
Peter Schaeffer, Texas
I would like to urge the Federal Reserve Board to regulate credit card interest rates. Credit card rates should be limited to a reasonable spread over LIBOR, Fed Funds, and/or prime. Ideally, the states should have the power to regulate credit card interest rates (for the residents of each state). However, this may not be within the power of FRB to enable.
I would like to urge the Federal Reserve Board to regulate credit card interest rates. Credit card rates should be limited to a reasonable spread over LIBOR, Fed Funds, and/or prime. Ideally, the states should have the power to regulate credit card interest rates (for the residents of each state). However, this may not be within the power of FRB to enable.
# 10,360:
7:25 am PDT, Aug 2,
Andi Alnwick, New York
# 10,359:
1:59 am PDT, Aug 2,
Kirra Charlton-Betts, Australia
# 10,358:
12:02 pm PDT, Aug 1,
Rachael Mandel, California
# 10,357:
10:50 am PDT, Aug 1,
Maurice Sherman, New Jersey
# 10,356:
6:24 am PDT, Aug 1,
Name not displayed, Virginia
# 10,355:
4:18 am PDT, Aug 1,
ELAINE ROBINSON, United Kingdom
# 10,354:
5:13 pm PDT, Jul 31,
Thomas Kristan, Canada
# 10,353:
5:02 pm PDT, Jul 31,
Paulette Wasserman, Indiana
# 10,352:
3:28 pm PDT, Jul 31,
George Green, Michigan
I have been abused by easy credit situation and a refusal to lower my interest rate, despite never being 30 days late. I have been stuck at 30% interrest rate since july of 2007 with my chase card and they refuse to lower the rate. I admit that I was late but after timely payments the rates should change since my behavior of paying has changed. I also got stuck with the late fees. In June of last year I made a payment late by one day for several of my cards. My mail was being withheld from me by my present ex wife, we were separated at the time, so my statements I was not recieving. I was making the same monthly payments since I did not know the payments of June were late by one day and July's, August's, and September's payments were late because they added the late fee with the monthly amonunt due and I was unaware if this. So even though I was paying them monthly the amount was not enough to cover the monthly minimum due. Frustrated I just closed all the accounts and some have lowered my rate but Chase say's since I closed my card myself the rate I closed it at must stay the same, which I feel is unfair. The card is hard to pay off if you are being charged a whopping 30% (actually 29.99%) on the principal. It would seem that some of the interest at some point should go to the principal and end some of my grief. After years of failure to correct my credit situation I just feel depressed and helpless about the situatution. I am quite sure millions of american citizen are trapped in this situation like I am now.
I have been abused by easy credit situation and a refusal to lower my interest rate, despite never being 30 days late. I have been stuck at 30% interrest rate since july of 2007 with my chase card and they refuse to lower the rate. I admit that I was late but after timely payments the rates should change since my behavior of paying has changed. I also got stuck with the late fees. In June of last year I made a payment late by one day for several of my cards. My mail was being withheld from me by my present ex wife, we were separated at the time, so my statements I was not recieving. I was making the same monthly payments since I did not know the payments of June were late by one day and July's, August's, and September's payments were late because they added the late fee with the monthly amonunt due and I was unaware if this. So even though I was paying them monthly the amount was not enough to cover the monthly minimum due. Frustrated I just closed all the accounts and some have lowered my rate but Chase say's since I closed my card myself the rate I closed it at must stay the same, which I feel is unfair. The card is hard to pay off if you are being charged a whopping 30% (actually 29.99%) on the principal. It would seem that some of the interest at some point should go to the principal and end some of my grief. After years of failure to correct my credit situation I just feel depressed and helpless about the situatution. I am quite sure millions of american citizen are trapped in this situation like I am now.
# 10,351:
12:26 pm PDT, Jul 31,
Molly Robison, California
# 10,350:
10:42 pm PDT, Jul 30,
Cecilia Ball, California
# 10,349:
4:03 pm PDT, Jul 30,
Jack Layne, Tennessee
At a time when trust in this economy and this government are at an all time low, it would seem to me that this call to action would be a no brainer. Fix this
At a time when trust in this economy and this government are at an all time low, it would seem to me that this call to action would be a no brainer. Fix this
# 10,348:
11:38 am PDT, Jul 30,
Lisa Labowskie, California
The fact that the Feds have allowed the Credit Card Industry to run rampant and unchecked is despicable. We need to unite with our FRB to put solid stop-clamps on the rampant greed of the Banking and Credit Card industry. Best Regards, L.L.
The fact that the Feds have allowed the Credit Card Industry to run rampant and unchecked is despicable. We need to unite with our FRB to put solid stop-clamps on the rampant greed of the Banking and Credit Card industry. Best Regards, L.L.
# 10,347:
6:53 am PDT, Jul 30,
Elizabeth Creutz, Missouri
I have a couple of credit cards. I got low interest and no interest rates at first and before the deadline was up they kept on raising my interest rates and every month I would have to get on the phone, get out old bills, talk to the manager read the one special piece of paper (you better not lose) with the interest rate agreed upon when signing up. It takes forever and they act like your doing something wrong. When there was a mistake (their mistake) with the automatic withdrawal on my acoount they acted like it was my fault and since they had already made exceptions and taken off fees (for their mistakes) they couldn't fix it and they made it like it was my fault for breaking the agreement and jacked up the interest rates to 28%. That in turn caused other credit card interest rates to rise that I had never had anything go wrong with. It's totally crazy. There was always something THEY would do to mess it up. I finally just couldn't afford to pay insanely high interest rates with only a couple dollars going to the balance. I had to decide to pay credit cards or car insurance or the groceries they make it impossible on purpose and trap you! Discover and Chase are horrible Capital One isn't good either. I could go on and on this is only the tip of the iceberg. I would have never ever accepted a credit card if I knew a year or two later I wouldn't be able to make that "small" monthly payment they get you with. A $35 payment quickly turns into a $100 payment. With 4 kids and one person working it was not affordable. I choose to stay at home with my small children and these credit card companies are trying to force money out of people and causing some people to have to leave their babies in the care of strangers so they won't ruin their credit score. Society has been brain washed and a good credit score isn't always a good thing for poor people. Please help society as a whole by helping the average American Family, by not letting us get taken advantage of by these ruthless money hungry credit card giants. How much more needs to be said by how many more people? Just let us know I'm sure we can find more people. Life doesn't need to be made harder for people to stay at home with their children. The home is where the FUTURE of our country starts. Please help. Sincerely, Elizabeth Creutz
I have a couple of credit cards. I got low interest and no interest rates at first and before the deadline was up they kept on raising my interest rates and every month I would have to get on the phone, get out old bills, talk to the manager read the one special piece of paper (you better not lose) with the interest rate agreed upon when signing up. It takes forever and they act like your doing something wrong. When there was a mistake (their mistake) with the automatic withdrawal on my acoount they acted like it was my fault and since they had already made exceptions and taken off fees (for their mistakes) they couldn't fix it and they made it like it was my fault for breaking the agreement and jacked up the interest rates to 28%. That in turn caused other credit card interest rates to rise that I had never had anything go wrong with. It's totally crazy. There was always something THEY would do to mess it up. I finally just couldn't afford to pay insanely high interest rates with only a couple dollars going to the balance. I had to decide to pay credit cards or car insurance or the groceries they make it impossible on purpose and trap you! Discover and Chase are horrible Capital One isn't good either. I could go on and on this is only the tip of the iceberg. I would have never ever accepted a credit card if I knew a year or two later I wouldn't be able to make that "small" monthly payment they get you with. A $35 payment quickly turns into a $100 payment. With 4 kids and one person working it was not affordable. I choose to stay at home with my small children and these credit card companies are trying to force money out of people and causing some people to have to leave their babies in the care of strangers so they won't ruin their credit score. Society has been brain washed and a good credit score isn't always a good thing for poor people. Please help society as a whole by helping the average American Family, by not letting us get taken advantage of by these ruthless money hungry credit card giants. How much more needs to be said by how many more people? Just let us know I'm sure we can find more people. Life doesn't need to be made harder for people to stay at home with their children. The home is where the FUTURE of our country starts. Please help. Sincerely, Elizabeth Creutz
# 10,346:
3:21 pm PDT, Jul 29,
Sarah McMillen, New York
# 10,345:
2:59 pm PDT, Jul 29,
John Demarkis, Massachusetts
The FEDS need to know??? The FEDS have a big part in this with special interest groups, lobbyists and Banker/Politicians. They all in Kahoots with each other. Why do you think the Bankruptcy laws were changed. Yeah they might cut us SOME slack because we are all drowning together and if they want any money back they are going to have to adjust there policies or we will all be living in poverty before you know it....Nothing is going to drastically change for us soon...I will bet on that fact Joe....
The FEDS need to know??? The FEDS have a big part in this with special interest groups, lobbyists and Banker/Politicians. They all in Kahoots with each other. Why do you think the Bankruptcy laws were changed. Yeah they might cut us SOME slack because we are all drowning together and if they want any money back they are going to have to adjust there policies or we will all be living in poverty before you know it....Nothing is going to drastically change for us soon...I will bet on that fact Joe....
# 10,344:
12:08 pm PDT, Jul 29,
Kim Smith, Canada
# 10,343:
9:57 am PDT, Jul 29,
Kelly Todd Brewer, Michigan
One particularly egregious practice credit card companies employ is constantly changing the due date of your bill from month to month...I would like to see that practice abolished.
One particularly egregious practice credit card companies employ is constantly changing the due date of your bill from month to month...I would like to see that practice abolished.
# 10,342:
7:14 am PDT, Jul 29,
Ryan Lovett, Illinois
# 10,341:
3:40 am PDT, Jul 29,
Jacquie Lowell, California
# 10,340:
10:58 pm PDT, Jul 28,
Caroll FOWLER, California
# 10,339:
10:24 pm PDT, Jul 28,
Name not displayed, Oregon
Gregory A Sowell
Gregory A Sowell
# 10,338:
4:04 pm PDT, Jul 28,
Corinne Broskette, Florida
This is USERY this practice caused me to file Bankruptcy 5 years ago. because of a clerical error where my address was erroneously changed and I did not receive a bill, the credit card company REFUSED to review it. Soon after, all of my cards were about 30% interest! I was drowning in charges, paying interest only to about $3500 per month. Thank God that all of this was gone with Bankruptcy. USURY was outlawed, when was that law changed. These people are pariah.
This is USERY this practice caused me to file Bankruptcy 5 years ago. because of a clerical error where my address was erroneously changed and I did not receive a bill, the credit card company REFUSED to review it. Soon after, all of my cards were about 30% interest! I was drowning in charges, paying interest only to about $3500 per month. Thank God that all of this was gone with Bankruptcy. USURY was outlawed, when was that law changed. These people are pariah.
# 10,337:
9:49 am PDT, Jul 28,
Name not displayed, Washington
We have enough debt in society, people are drowning in it with no way out.
We have enough debt in society, people are drowning in it with no way out.
# 10,336:
10:44 pm PDT, Jul 27,
Christine Leone, Florida
# 10,335:
9:08 pm PDT, Jul 27,
Angele LeBoeuf-Rivere, Louisiana
# 10,334:
1:33 pm PDT, Jul 27,
Stephanie Michta, Florida
# 10,333:
11:55 am PDT, Jul 27,
Name not displayed, Missouri
Credit cards act like they want to help us put pleasure, things we otherwise could not afford into our lives. Hence, it isn't as if these companies aren't aware that we don't have the kind of money that most of us charge on our cards....then they raise the interest to make it even more impossible to pay off. From what I understand, they want us to fail. I have had two cards and both of them have used unfair banking policies---my FICO was dropped 40 points for no reason that I know of and it's my score!!??? It said "pay all you're bills on time....I DO! It's a no win situation. And as I said was told me before....they know this. As well they do not care. Just like every thing else in our lives is becoming.
Credit cards act like they want to help us put pleasure, things we otherwise could not afford into our lives. Hence, it isn't as if these companies aren't aware that we don't have the kind of money that most of us charge on our cards....then they raise the interest to make it even more impossible to pay off. From what I understand, they want us to fail. I have had two cards and both of them have used unfair banking policies---my FICO was dropped 40 points for no reason that I know of and it's my score!!??? It said "pay all you're bills on time....I DO! It's a no win situation. And as I said was told me before....they know this. As well they do not care. Just like every thing else in our lives is becoming.
# 10,332:
12:15 pm PDT, Jul 26,
Adriana Guastavino, California
While each consumer has to own their share of accountability for how they manage their money and pay their bills, many credit card companies and banks have become licensed extortionists when it comes to credit card interest rates, fees, late payment penalties, etc. The "enrollment" techniques used by credit card companies teeters on the edge of ethical boundaries - stalking students on campus, mass mailing glorified offers that have more fine-print conditions and consequences than easily readable rules and fee schedules. They also target consumers who are already experiencing monetary and credit challenges - luring them in by painting a picture of financial freedom with “low monthly payments” and a better lifestyle that in reality, turns out to be nothing short of economic bondage. These companies prey on consumers by throwing great sounding offers at them and then ripping the financial rug out from under their "customer" ("victim" is a more accurate description). While there are some exceptions (at least I hope there are), the companies practicing the scenarios listed above card must be controlled by a strong set of laws that will ensure both industry solvency and protect consumers as well.
While each consumer has to own their share of accountability for how they manage their money and pay their bills, many credit card companies and banks have become licensed extortionists when it comes to credit card interest rates, fees, late payment penalties, etc. The "enrollment" techniques used by credit card companies teeters on the edge of ethical boundaries - stalking students on campus, mass mailing glorified offers that have more fine-print conditions and consequences than easily readable rules and fee schedules. They also target consumers who are already experiencing monetary and credit challenges - luring them in by painting a picture of financial freedom with “low monthly payments” and a better lifestyle that in reality, turns out to be nothing short of economic bondage. These companies prey on consumers by throwing great sounding offers at them and then ripping the financial rug out from under their "customer" ("victim" is a more accurate description). While there are some exceptions (at least I hope there are), the companies practicing the scenarios listed above card must be controlled by a strong set of laws that will ensure both industry solvency and protect consumers as well.
# 10,331:
11:52 am PDT, Jul 26,
Name not displayed, Florida
It's outrageous and unfair that a credit card company can increase the interest rate if a customer is late on a bill with a different company!
It's outrageous and unfair that a credit card company can increase the interest rate if a customer is late on a bill with a different company!
# 10,330:
11:25 am PDT, Jul 26,
Nick McGuire, Ohio
# 10,329:
8:33 am PDT, Jul 26,
Robert Lyday, California
# 10,328:
3:48 pm PDT, Jul 25,
Dee Halzack, Massachusetts
# 10,327:
2:52 pm PDT, Jul 25,
Name not displayed, Massachusetts
# 10,326:
2:01 am PDT, Jul 25,
Taren Carter Hines, Arizona
# 10,325:
11:50 pm PDT, Jul 24,
Yvonne Peters, Minnesota
# 10,324:
1:54 pm PDT, Jul 24,
Janice Russell, South Carolina
Credit cards needs to be reformed.
Credit cards needs to be reformed.
# 10,323:
6:56 am PDT, Jul 24,
Dawn Robinson, Florida
It is outrageous that credit card companies can increase the rate for absolutely no reason. I had a card with a decent rate that I ALWAYS paid on time, never went over the limit, always paid the required minimum or more and they just decided to increase the rate for the hell of it. My credit rating is very good and I had no problems with any other accounts with any other companies or banks. The rate was not only increased for future purchases but was increased on the current outstanding balance. I also think it's completely wrong that a credit card company can DRAMATICALLY increase the interest rate if a customer is late on a completely different bill with a completely different company! This practice is outrageous and unfair. I can't believe they are allowed to get away with this and more. They take advantage of the people who are struggling the most and it should not be continued to be allowed. Reforms are needed in the worst way.
It is outrageous that credit card companies can increase the rate for absolutely no reason. I had a card with a decent rate that I ALWAYS paid on time, never went over the limit, always paid the required minimum or more and they just decided to increase the rate for the hell of it. My credit rating is very good and I had no problems with any other accounts with any other companies or banks. The rate was not only increased for future purchases but was increased on the current outstanding balance. I also think it's completely wrong that a credit card company can DRAMATICALLY increase the interest rate if a customer is late on a completely different bill with a completely different company! This practice is outrageous and unfair. I can't believe they are allowed to get away with this and more. They take advantage of the people who are struggling the most and it should not be continued to be allowed. Reforms are needed in the worst way.
# 10,322:
3:57 am PDT, Jul 24,
Wayne Gedutis, Nevada
# 10,321:
10:37 am PDT, Jul 23,
Nancy Norwood, Florida
# 10,320:
7:17 am PDT, Jul 23,
Name not displayed, Illinois
# 10,319:
12:53 am PDT, Jul 23,
Name not displayed, Montana
i am now going through bankruptcy do to lies and games played with the cards i had, and i know i am far from being alone. please help us.
i am now going through bankruptcy do to lies and games played with the cards i had, and i know i am far from being alone. please help us.
# 10,318:
8:29 pm PDT, Jul 22,
Christine Radice, Massachusetts
# 10,317:
5:22 pm PDT, Jul 22,
Doug Shohan, Massachusetts
# 10,316:
2:38 pm PDT, Jul 22,
JOSSIE A ROSS, Canada
# 10,315:
2:21 pm PDT, Jul 22,
Laura Rinaldo, New York
# 10,314:
9:15 am PDT, Jul 22,
ALPHA WI, Germany
# 10,313:
9:08 pm PDT, Jul 21,
Alisa Polk, Louisiana
# 10,312:
6:34 pm PDT, Jul 21,
Sherry Lee Jones, Texas
# 10,311:
4:33 pm PDT, Jul 21,
Olive Mayer, California
# 10,310:
1:03 pm PDT, Jul 21,
Phyllis Drummond, California
# 10,309:
9:29 am PDT, Jul 21,
Jean Morris, Illinois
# 10,308:
7:24 am PDT, Jul 21,
HL Dyer, Michigan
# 10,307:
5:30 am PDT, Jul 21,
Name not displayed, Pennsylvania
People are having enough trouble getting by even without abusive lending practices!
People are having enough trouble getting by even without abusive lending practices!
# 10,306:
10:54 pm PDT, Jul 20,
Maximillion Music, California
# 10,305:
4:54 pm PDT, Jul 20,
Eileen Monaghan, Alaska
# 10,304:
11:10 am PDT, Jul 20,
Tammy Nowacki, Florida
I am so far into debt because of credit cards I had to hire lawyers. It has totally destroyed my life and many other peoples that are my friends. We had no way out because of all their fees and I hate them all for that. I now do not own 1 credit card in my possession.
I am so far into debt because of credit cards I had to hire lawyers. It has totally destroyed my life and many other peoples that are my friends. We had no way out because of all their fees and I hate them all for that. I now do not own 1 credit card in my possession.
# 10,303:
9:38 am PDT, Jul 20,
Betty Wilson, Idaho
It is hard enough to make it from payday to payday. That is often what draws us to credit cards to begin with. Unfair credit card practices continue the cycle.
It is hard enough to make it from payday to payday. That is often what draws us to credit cards to begin with. Unfair credit card practices continue the cycle.
# 10,302:
11:37 pm PDT, Jul 19,
Alice Gregory, California
I don't like the fact that the number of days in your billing cycle are always different. 30 days one month 32 the next 28 the next and so on. That affects my payment amounts.
I don't like the fact that the number of days in your billing cycle are always different. 30 days one month 32 the next 28 the next and so on. That affects my payment amounts.
# 10,301:
11:20 pm PDT, Jul 19,
Patricia Orlinski, Arizona
Don't let credit card companies send their bills so late that the credit card owner cannot pay in time.
Don't let credit card companies send their bills so late that the credit card owner cannot pay in time.