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!
Subject: Docket No. R-1314: Enact proposed credit card rules ASAP
Dear Federal Reserve Board:
[Your Comments]
I appreciate the opportunity to file comments in support of Regulation AA - Unfair or Deceptive Acts or Practices [R-1314], the recent proposal to curb unfair and deceptive credit card and overdraft practices. I support the credit card aspects of the rule, while also suggesting that protection is needed against additional unfair credit card practices beyond those covered in this proposed rule. I believe that stronger protection against unfair practices in bank overdraft programs is also needed.
Sincerely,
[Your Name]
[Your Address] 
