1 Posted by richard at 12/03/08 08:09 AM

were getting stuck all around. please give us a break. thank you

2 Posted by Robert Schwalb at 12/03/08 08:10 AM

I don't know whose worse, the local loan shark or the credit card companies. It's long past time to rein in these companies.

3 Posted by Surya Lipscombe at 12/03/08 08:10 AM

I can barely afford my credit card payments! I sure as hell don't want to bail out those Shylocks!

4 Posted by Rebecca Dawson at 12/03/08 08:10 AM

If you truely want to get our country back on track you must help the consumers. Giving everything to the people that helped put us in this situation in the first place is no help to the other citizens of this country. Help the people get back to work and they will be able to get back on track with their obligations. To get the people back to work you must first stop the jobs bleeding out of this country and stop the importation of aliens to fill the jobs we have.

5 Posted by Cath White at 12/03/08 08:11 AM

It is time to "ditch" the bankers and lenders and return to sensible spending practices. We need to be more prudent and save more as our grandparents did and not depend on the lenders to have the things we want.

Stop overusing your credit and gain control of your life and finances for the credit card companies will always charge us too much and control us in the process.

6 Posted by Glenneth Lambert at 12/03/08 08:11 AM

We MUST pit RULES in place as promised to protect the consumer. How can we give BILLIONS away to to credit companies and hen they be allowed to raise rates. This has GOT to stop !!

7 Posted by Brian Sullivan at 12/03/08 08:12 AM

SUCKS!SUCKS!SUCKS!
FIX IT!FIX IT!FIX IT!
Chairman Bernanke -- Enact credit card reforms now!

8 Posted by Alan Zeuke at 12/03/08 08:13 AM

Make the banks more responsible for their actions giving credit to people who can't afford it & stop the outrageous fees they charge responsible bill payers.

9 Posted by Sandra Mathes at 12/03/08 08:14 AM

The working class, those left with jobs, are the ones who support big business, political so called "leaders" and welfare (illegals included, our tax dollars go for issues we would not approve of with no say on our part and yet no one is there for us ever. Now we are losing our jobs and when we cannot pay taxes the politicans will continue to give themselves raises and golden parachutes and uphold special interest groups, I guess they will just print money for themselves or keep selling out our country while they buy homes for themselves in other countries to flee to when this one is dead to them. It is a horrible place to be when you watch your life just go under with no power to save it. We have the opportunity to sign petitions and write comments online or letters to legislature in between trying to survive. Some working have three jobs, a family and probaly in all that no health insurance so surviving is put above taking the time that is necessary to be vocal and usually with no positive outcome. We realize we mean so little to big business and government that the only thoughts of us are how to get more money out of us. Well we have no more to give, so what now?

10 Posted by David at 12/03/08 08:14 AM

Its time to get organized crime out of the commercial banking business: Money laundering, Loan Sharking, Unrealistic interest and other hidden charges. etc. etc.

11 Posted by SAM ROGERS at 12/03/08 08:15 AM

WE THE PEOPLE ARE TIRED OF BEING RIPPED OFF BY THE CREDIT CARD COMPANIES, THEY ARE MORE DANGEROUS TO US AND OUR COUNTRY THAN AL QUEDA! PLEASE DO YOUR JOB AND BRING THEM UNDER CONTROL! I THANK YOU! SAM ROGERS/DALLAS

12 Posted by Lisa Sanetra at 12/03/08 08:15 AM

I have two cousins who are now is serious financial trouble because of banks jacking up credit card rates.

The Federal Reserve's proposed "common sense rules" desperately need to be made law.

13 Posted by Kathleen McDermott at 12/03/08 08:15 AM

I just received a notice from American Express that the "preferred rate" on flexible spending was rising 2 percentage points. I have been a loyal customer for many years, called them about lowering the rate with no satisfaction, and will now do my best to payoff my balance using a home equity line rather than paying the extra interest.

14 Posted by Harold Strauss at 12/03/08 08:15 AM

Banks have ripped off consumers too long and by various ways. Do what we ask of you if "you" care about your fellow Americans. The banks increase interest rates w/o notification and do so when balances are high which give them huge profits at our expense. Fortunately I personally have quit using my card, but others are not so fortunate.

H.W.Strauss

15 Posted by Debbie at 12/03/08 08:17 AM

I recently had a $2000 balance transfer show up on my BOA account and I did not make this transfer. The transfer came from WaMu on a credit card that I had just received in the mail and hadn't even activated yet !! The card was received on Nov 25th and the transfer was made on Nov 11th. I'm beginning to wonder if the credit card companies are playing games by issuing balance transfer w/o our knowledge just to get us to pay on accounts that benefit only them. Has anyone else had this happen to them?
When I asked WaMu about this they knew an awful lot about other credit card accounts in my possession which I find very unusual.

16 Posted by Elizabeth Kerr at 12/03/08 08:17 AM

With the aging of America, one significant change would be larger print on credit card statements. One other needed change would be a simple, straightforward explanation of terms: how interest is calculated, etc.

17 Posted by Haydn Evans at 12/03/08 08:18 AM

Our elected and appointed officials continue to support their fellow incompetents with the bailout process. The people we are bailing out have abused and misused their positions and power for years. The have lived off the working mans sweat and toil and have thrown crumbs to us. Now because of their mismanagement we are using our money to extricate them from the mess they have created. Loans to people with no credit or insufficient income to pay back the loans. Obama's involvement with Fannie Mae and Freddie Mac. Now Detroit wants our help to keep them from going under. For years the auto labor unions have bleed this country dry and the auto manufacturers have allowed it. They have built poorly engineered vehicles and charged an arm and leg for them. Now they want us to pull their coals from the fire. Lets just give the executives of all these companies a few million dollar bonus for the state in which they have placed our economy.
There is no ACCOUNTABILITY in this country for executive management or any branch of the government. Until these people are held accountable no amounts of money will save our system.

18 Posted by Karen Boling at 12/03/08 08:18 AM

They have "jacked" our visa interest from 12% to 27% to 31% on an account that is more than 30 years old and has never missed az payment!

What can we do???????

19 Posted by Patricia Rank at 12/03/08 08:18 AM

It's time to help EVERYONE in the U.S. where credit card debt is concerned. Please make sure that the average u.s. citizen is also helped by ensuring that the credit card companies/banks will no longer be allowed to arbitrarily increase their rates for private citizens.

20 Posted by Frank Dinsmore at 12/03/08 08:18 AM

The old way banks made money was not fast enough for the greedy people incharge today. So, besides the fees, constantly changing rates, and giving a card to everyone and theie pets, the bankers have even bought Congress to allow this mess. We need the existing rules enforced, we need new and stiffer rules to protect the consumers these banks rely on to make all their money.
There would not have been a housing chrisis if people had been protected from devious loan practices. The recession we are in today would be much shallower if people were able to pay their mortgage. Maybe, better education of people in schools about money and spending would put a little brain power in the spending public.

21 Posted by Steven Taylor at 12/03/08 08:18 AM

Credit card terms are unfair to users. Please enact credit card reforms so that it's easier for us to make payments in these financially strapped times.

22 Posted by Steven Taylor at 12/03/08 08:18 AM

Credit card terms are unfair to users. Please enact credit card reforms so that it's easier for us to make payments in these financially strapped times.

23 Posted by Lawrence Zeitlin at 12/03/08 08:18 AM

Support credit card reform!

24 Posted by Ed Hutchinson at 12/03/08 08:19 AM

My basic thoughts are "You charge it--YOU PAY FOR IT".
BUT the credit card companies make it to easy, to get credit, and give too high of limits to people not able to handle it. It is their responsibility to SAY NO to those in doubt!
The credit card companies as well as the card holder needs to be held accountable, NOT TAX PAYERS. Greed by the companies have made this sitution like it is.

25 Posted by mady at 12/03/08 08:19 AM

You can not handout bail-out money to Banks and Agencies that have shown they are corrupt and greedy
already and not have accompanying regulations and rules enforced. This requires establishing a federal watchdog agency to oversee these banks/agencies regarding the federal issues and regulations instituted in the bail-out. Has this been done? NO.
So Banks and agencies take the bail-out money and remain corrupt and continue to rip off the public!
What has been achieved from the public's viewpoint!!!?

26 Posted by Kevin Wychopen at 12/03/08 08:19 AM

Dear Chairman Bernanke,

The American consumer will only stand for so much and then they will figure that it is their turn to get some "bailout" funds, since we are paying for it anyway. The least that can be done is to make the credit card industry adhere to reasonable regulations. Lack of oversight and regulation has contributed to where we are now. Please enact these simple rules--otherwise you may find that we have another $ 900 billion in defaulted loans on the bank legers. Thank you

27 Posted by Rodger Shaulis at 12/03/08 08:20 AM

To The Fed:

Banks and Bankers are greedy and ruthless when you come down to the bottom line. The only difference between the financial wolves and the drug dealers is that you have legally allowed the financial wolves to entice, entrap and destroy many more people thna any drug network.

Stop Easy Credit - Take the lumps now - but get the banks to behave like responsible citizens a- and most of them will not do it of their own accord. Every person does not deserve, need or respect home ownership. It also holds true that every person does not deserve nor need a $ 50,000.00 credit line. Members of my family have sadly learned this.

Rodger@wmslawohio

28 Posted by David Davis at 12/03/08 08:20 AM

Chairman Bernanke,
Please enact credit card reforms now to keep the comsumer on a level playing field. Some of the tactics used by credit card companies are akin to the old "Bait and Switch".
David Davis

29 Posted by Rhonda Berlin at 12/03/08 08:20 AM

Why am I forced to cover your loses? If I had a business and made poor decisions that caused my business to go under, no one would bail me out. I would have to take care of myself. I am tired of carrying around the disgustingly wealthy CEOs so they can live in mansions and have all those things that I would never be able to afford. Let's think of the middle class for a change.
Thank you.

30 Posted by Brent at 12/03/08 08:22 AM

It's absolutley ridiclious how these companies can change agreements to meet their needs for extra income when they mismanage their funds! The consumers are the only group without any say in these matters unless you speak up for us, they will be happy to let us bleed out and die!

31 Posted by Marilyn Goff at 12/03/08 08:23 AM

Our students, faculty, and staff have excessive credit card debt due to the "trickle down free market' economy that works onlt for the extremely rich; not regular Americans. Please reform credit rules; creditors are sending bills at the last minute with only 2-3 days to mail them a check before we are overdue; online bill paying is easily hacked, so move our interest rates down, eliminate two cycle billing, end over limit fees and REGULATE those creditors please.

32 Posted by Paul at 12/03/08 08:23 AM

Please for the consumer sake do the right thing by us.

33 Posted by Robert Gray Jr at 12/03/08 08:23 AM

Chairman Bernanke please follow through and enact credit card reforms now!

• Stop companies from randomly hiking interest rates on your balances if you haven’t been more than 30 days late in paying.

• More fairly distribute your payments to high-interest debt. This help ends the unfair practice of preventing you from paying down high-interest balances until you’ve paid off low-interest ones first.

• Prevent a late fee unless you get least 21 days from the billing date to your payment due date

• Ending two-cycle billing, in which a finance charge is calculated based in part on balances you’ve already paid.

• Restrict financing of security deposits and issuing fees for those who have trouble getting a credit card to less than 50 percent of the credit limit – so fees don’t eat up all the available credit.

• End over-limit fees caused by a card company’s hold on your available credit. You shouldn’t suffer because a company holds your credit and causes you to go over the limit.

It's time to remember the consumer and not just the bank.

34 Posted by Eugene Brusin at 12/03/08 08:27 AM

Why should the working class of America bail out via "instant rate increases" the greedy banks and lending companies who gambled and lost with their money. Too bad if you failed to use common sense when investing your shareholders money, maybe you should get another job. The creditcard holder can not just send you a note saying " I changed my interest rate for tuesdays and based on your investing policies that failed my rate is now lower "
Let them be regulated and monitored, since they proved they can not be trusted. The public is not their personal line of free money.

35 Posted by Angela at 12/03/08 08:28 AM

As a student fresh out of college, I was a victim of predatory credit card lending. Even though I paid my minimum balance every month, I did not realize that the interest charges ending up being more than the minimum...and I slowly sank deeper into debt. I did not use the card beyond one major purchase (a computer) and paid every month, and yet the situation got out of control.

I am sure young people who are unaware of how the system works fall prey to this on a regular basis. If they are so unfortunate as to lose their jobs and have difficulty finding another, like me, they may have had their credit damaged by it. It is not acceptable that we have to protect ourselves from banks that would try to take advantage....after all if we did not place our trust and money in those institutions, they would be out of business.

No one bailed me out of my situation, yet I had to help bail the banks out with theirs! It is obvious that they have mismanaged their business and have done so by preying on their customers. Since main st, USA has now bailed them out, we demand that they treat us fairly from here on out.

36 Posted by William Moore at 12/03/08 08:28 AM

I have a G.E. card & they keep changing the due date so they can hit me with a late payment fee.
This is not right, how can you let them get away with this. I am on a fixed income and getting a check once a month on a set date, I just can not pay all over the map. Please the people need your HELP.

37 Posted by Lauryn Slotnick, Esq. at 12/03/08 08:28 AM

As a new attorney last year, I worked at a credit card debt collection firm for several months. As much as I hate that people carry balances and live beyond their means, they should never have been given the credit to get that far in over their heads to begin with, and the credit card companies should not be allowed to take such advantage of consumers and charge the sneaky and exhorbitant fees that they do.

As a consumer who NEVER carries a balance and always pays my bills in full, the practices of credit card companies still make me furious. Last winter, I paid a bill in full for several hundred dollars (my normal range) except for a $30 credit that I was expecting. The credit, however, processed one day after the bill was due. Because of this, the credit card company not only tried to charge me an exhorbitant interest rate on the $30, but on the ENTIRE current balance that was NOT DUE YET and for which the bill HAD NOT YET EVEN COME IN FOR - and which, that month, was several thousand dollars, instead of hundred, because of a hospital bill for my sister.

I did not let the credit card company get away with that, and they took off the charge, but there is NO way that credit card companies should EVER be allowed to charge interest on balances THAT ARE NOT DUE YET just because the previous month's payment, or a small fraction of the previous month's payment, is late.

38 Posted by Leo Ahumada at 12/03/08 08:28 AM

If I should run into financial trouble, I'm on my own and the responsibility to extricate myself out of the problem is mine alone, yet banks that are irresponsible and reckless are rewarded by being bailed out by us tax payers? That is not acceptable.

39 Posted by WILLIAM MCDEVITT at 12/03/08 08:29 AM

PLEASE MAKE CREDIT CARD REFORM A PRIORITY FOR CONSUMERS AND CONSTITUENTS.

40 Posted by Chuck McCall at 12/03/08 08:29 AM

Consumers are the backbone of the economy.Enact credit card reform NOW!These rules are essential to help American families dig out from under their debt and put the economy on a more stable footing.

41 Posted by P Kieval at 12/03/08 08:29 AM

These are some badly needed reforms. Instead of always reacting after the fact when huge damage has been done, you have a chance to act somewhat proactively. The credit card companies should not have carte blanche to randomly change the terms and to make them more and more onerous on consumers. Give us consumers a fair shake.

42 Posted by Barbara Hafner at 12/03/08 08:29 AM

Help the American People.... Not Big big Banks ... The cause , is greed...

43 Posted by Esmeraldo Toleran at 12/03/08 08:31 AM

Using the Taxpayers money to bailout this Banks???
What it is for the Taxpayer??? NONE??? Nada???
Remember! Taxpayers is in deep hole more than this Banks!

44 Posted by C.H.Curtright at 12/03/08 08:31 AM

with 24% approval of the American People, just once do something for us. Like straighten out the credit card mess. They are part of the problem, as are the banks,etc.

45 Posted by William Toth at 12/03/08 08:31 AM

Sorry Bernanke,

But my feelings are that you are no better than the people you are supposed to be watching. You are not doing your job and we the people are being hosed BIG TIME. ............ DO SOMETHING!!!!

46 Posted by Ben at 12/03/08 08:32 AM

I was astonished when I followed the suggestion of a friend to let a small amount remain on my upaid balance on a credit card I have. The suggestion was that, since I pay the entire amount each month, I really wasn't building up any credit record. That month I paid all but $25 on my account. The next month my APR rate jumped from 18.99% to 145.97%!! You can bet I won't let even a cent slide any more.

47 Posted by Sandra Kenny at 12/03/08 08:33 AM

Require a day's grace if the due date falls on a Saturday or Sunday

48 Posted by Eileen Jay at 12/03/08 08:33 AM

Dear Chairman Bernanke - As a real estate appraiser, I have been expecting the real estate bubble to burst for well over five years...but I had not idea how extensive the damage to our economy would be when it finally did. We are now facing a drastic loss of jobs, homes and personal assets which is making it harder and harder for people to pay their bills on time. Please enact the new credit card reforms now, so that average people are able to continue to pay their bills on time, without the added stress of having their interest rates raised on a whim. Please move on these important safeguards as quickly as possible! Thank you, Eileen Jay

49 Posted by Wayne at 12/03/08 08:33 AM

We just want a level playing field. Don't let the banks take their debt out on us. Enact credit card legislation.

50 Posted by Trish Byrd at 12/03/08 08:34 AM

Chairman Bernanke,

Please do NOT delay Credit Card reform. The average American needs your quick action on this matter NOW, to prevent further hikes and fees on their credit cards.

51 Posted by Dave Willis at 12/03/08 08:34 AM

Dear Fed

With all the to do regarding bank bailouts it might be easy to overlook or push to the back burner credit card reform. I submit to you that imposing these rules of fairness are just as important as buying preferred stock in citigroup, chase, etc.

Oh and as to the industry policing itself, well if you buy that I've got a bridge in Brooklyn to sell you.

Dave Willis

52 Posted by C Spitz at 12/03/08 08:34 AM

For more than 25 years we have turned a blind eye to our younger generations need for protection from mass mailings of agressive, misleading offers of easy credit cards.Many are now in debt over their heads and the banks look to profit from their vulnerability. But right now the Federal Government has its moment to take a stand for what is reasonable and just. Please enact the credit card reforms now.

53 Posted by Diane Lentz at 12/03/08 08:36 AM

We live in a fast paced society. One in which both parents have to work to make ends meet. When something happens (yourself/spouse/parents/children get seriously ill, lifechanging events etc, etc) makeing the monthly credit card payment on time is not always possible. If you have been a good customer, credit card companies should work with you and not just hike the interest rates because you paid them (or another company) late once or twice.

54 Posted by Pete Monaghan at 12/03/08 08:36 AM

The credit card industry is one of the biggest shmeful groups congress ever allowed and assisted to grow into the barely disguised predators in our society. Both sides of tha aisle look the other way, accept lobbiests 'donations'-or is it really 'pay'?-and allow their usuary tactica to persist and grow-at the expense of unsuspecting vulnerable dupes. And the rest of society.

55 Posted by John Halley at 12/03/08 08:37 AM

They've got us by the throat, charging interest rates that would have been unlawful just a few years ago.
It must end!

56 Posted by Alison Hicks at 12/03/08 08:38 AM

Information about personal finance is more readily available these days. The clock is ticking.

57 Posted by Robert Varela at 12/03/08 08:39 AM

Billions of taxpayer dollars are going to bailout the big financial institutions, which include some of the largest credit card issuers – Citigroup, Chase, Bank of America. And now the Federal Reserve Board may use $20 billion of that money to back up a new program to purchase the banks' debt, including credit card debt. When banks suddenly hike interest rates, payments can quickly become overwhelming, leading to late payments or defaults, which result in further rate increases. Our economic recovery depends on people’s ability to make their payments on time. These rules end some of the abusive tactics that make it harder to keep up with credit card payments.
This practice needs to be stopped.

58 Posted by Mitchell Alperin at 12/03/08 08:40 AM

Work is getting scarcer to find. As a result, I have been forced to use my credit cards to meet my financial obligations. Now, I have bills and maxed out credit cards, neither of which I can afford. That doesn't include my health insurance, which I have not been able to pay. They have warned me I am facing termination of my health insurance. Revising of credit card rules would make it a little easier for me to get my financial obligations under control.

59 Posted by Ivette at 12/03/08 08:40 AM

It's time for our government to standup for the consumer. Without our tax dollars there would be NO bail out. The financial instituaitons have proven that they cannot go unregulated. Many have closed and many are on the brink of bankruptcy. We, the consumer, should not be penalized because of their incompetence. Enact credit card reform NOW.

60 Posted by Karlene Gunter at 12/03/08 08:40 AM

We need these reforms NOW. Please stop delaying.

61 Posted by Richard Atkinson at 12/03/08 08:41 AM

I find it outrageous that immediately after getting bailed out, the interest rate on my credit card was raised by two percent.

I have never had any problems with my credit card. I have always paying more than the minimum, I have never been late on payments, and I have never been over credit.

So, they get bailed out with my money and then raise my rates besides.
Outrageous!

62 Posted by David Pokornik at 12/03/08 08:41 AM

The company I worked for went under and I ended up taking a job making about 20% less. I still was never late with a payment but Bank of America wants to raise my interest rate frome 11.99 to about 22%. Mean while my wife got an American Express card and was going to do a balance transfer because they offered one year free interest but when she tried to do the balance transfer they told her she couldn't because of her credit. The only reason she got the card was for the free interest.

63 Posted by Brian Joesten at 12/03/08 08:42 AM

Credit cards should act like any other loan, changes to my account should occur on a going forward basis, not retroactively. I.E. balances incurred at one rate remain at that rate for life of balance. Payments should be applied to oldest debt first.

64 Posted by Penny LaDeur at 12/03/08 08:42 AM

The Fed has said it would get a reform rule in place this month – it's time to follow through!

65 Posted by claude j brown at 12/03/08 08:42 AM

Just last week I received citi message as of dec 3rd that my interest rate is going up.These nuts are crazy as hell for the last 3-4 years I pay my balance in full as received.What do they think the mbas are nut why don't they get on the ball instead of thinking of crusing the consumer.I will discontinue my business with the kill the little guy.

66 Posted by Debbie Zwirtz at 12/03/08 08:43 AM

Dear Mr. Bernanke:
I have a credit card-and my unsecured debt is roughly $16,000. I'm not asking of expecting a "bail-out"; BUT I'M UNEMPLOYED AND STRUGGLING EVERY MONTH TO MAKE THE MIN. PAYMENT.
I have to use the card to cover bssic expenses-like groceries,rent, doctor bills,(since I have no insurance)and utility bills so they won't shut off my electric & gas.
THERE ARE SEVERAL MILLION OF US "IN THE SAME BOAT"
PLEASE "DO THE RIGHT THING"!

67 Posted by Richard Mercado at 12/03/08 08:43 AM

Seems everyone is getting a bailout and now the banks and credit card companies are going to make us pay for their poor decisions. The public consumer could also use a little help by not allowing these institutions to make us pay for bad management.

68 Posted by Jacquie Thomas at 12/03/08 08:43 AM

We need reform NOW. Giving banks money to bail them out, is not helping me with my credit card bills that the interest rate is 24% on.

This government needsa to become accountable and help the people. The US is government for the people by the people, not for the rich at the expense of the poor.

Fix it now or I am afriad you will find exactly how powerful the American people are. If we all stopped using credit until you people do the right thing, where would we be???

For years citizens have become aloof to government, why? Times were good, they are not anymore and nothing brings people together like crisis. Believe me you don't need the middle class to dig their heels in and start demanding. That is how the American Revolution started, taxation without representation.

This crisis can go one of two ways: 1. Our officials fix it fairly, honestly, and with the consumer as the first priority. 2. The consumer can ban together and fix it ourselves.

69 Posted by Victoria Seeley at 12/03/08 08:44 AM

For years you build new bank buildings everywhere, I can barely keep my house from falling down.
You crazy people have given your CEO's MASSIVE salaries that in the long run cannot be sustained.
When you have financial losses you fire the lowest paid workers but the BIG PIGS still keep their money.
That makes for a smaller consuming public and more losses for every company. When other companies have loans with you and go bankrupt, you loose more.
Can't you see this is a downward spiral and EVERYONE will loose in the end!

70 Posted by James Myers at 12/03/08 08:44 AM

The consumer credit issue stands to be much larger than the subprime mortgage debacle as truly horrifying as that thought is. The predatory practices and irresponsible lending policies by credit card companies must stop. The government must pass stiff credit card reform regulations quickly and broadly before they feed the continuing financial crisis.

71 Posted by Giles G. Tompkins at 12/03/08 08:44 AM

The credit card companies do all they can to attract customers, including customers who do not use credit cards wisely. Credit card companies were behind the more restrictive bankruptcy laws passed under the Bush administration. When lenders - credit card companies, mortgage companies, etc., solicit business from "sub-prime borrowers", they should be prepared to take the consequences of their over aggressive sales efforts. The contracts lenders require borrowers are written to protect the lender. The borrowers need someone to look after their interest - to protect them from predatory lenders, and from their own ignorance and greed. Please help by regulating lenders to require fair lending.

72 Posted by dennis oestreich at 12/03/08 08:45 AM

• Stop companies from randomly hiking interest rates on your balances if you haven’t been more than 30 days late in paying.

• More fairly distribute your payments to high-interest debt. This help ends the unfair practice of preventing you from paying down high-interest balances until you’ve paid off low-interest ones first.

• Prevent a late fee unless you get least 21 days from the billing date to your payment due date

• Ending two-cycle billing, in which a finance charge is calculated based in part on balances you’ve already paid.

• Restrict financing of security deposits and issuing fees for those who have trouble getting a credit card to less than 50 percent of the credit limit – so fees don’t eat up all the available credit.

• End over-limit fees caused by a card company’s hold on your available credit. You shouldn’t suffer because a company holds your credit and causes you to go over the limit.

73 Posted by Tom Milligan at 12/03/08 08:47 AM

Gentlemen: We have reached the stage in which Credit Card companies charge extreme fees for any reason whatsoever. For example, a payment sent two weeks in advance but mishandled by the credit card company or by the Post Office is automatically penalized, due to no fault of the card holder.
Again, for any reason at all, it seems that the credit card company can increase fees, rates, penalty types, etc. Credit card policies are wonderful for the credidt card companies who will benefit from any types of "bail outs." Hell, they're even benefiting without any types of "bail outs." But these same policies are extremely harmful to families and to individuals struggling in this economy and who were struggling even before these current conditions began.
I'm sure that the credit card companies can try to "justify" their extreme practices, BUT How about watching out for the people rather than the large credit card companies for a change.
THANKS for any relief. TOM M.

74 Posted by Rick Hamilton at 12/03/08 08:48 AM

Don't allow banks to prey upon society's weakest segment, to make up for their other sins.

75 Posted by Wayne Sherman at 12/03/08 08:48 AM

I have a City Bank Master Card, and I have just been informed they will add a 3% charge to all international transactions.

I have ALWAYS paid my balances within the grace period, so I have never paid any interest or fees in the past.

So now they just add 3%.

I will NOT use the card any more.

76 Posted by Glorianne Lowe at 12/03/08 08:48 AM

Credit card debt is the major cause for the problem with the economy. The credit card companies have taken advantage of debtors for years by inflating interest charges and increasing them at will and pretty much without notice, by stacking exhorbitant late fees, by charging overlimit fees rather than declining a charge, and by not working with customers to reduced the monthly payment to something they can afford making that contingent on a hold in spending.

The whole situation is ludicrous. Companies are now asking to be bailed out for their mismanagement while consumers are stuck paying for their mistakes. Why didn't these companies work with consumers to avoid them just walking away or declaring bankruptcy.

Laws need to be in place to control these lenders or they will milk everyone dry while crying poor mouth and demanding the government bail them out.

77 Posted by Robert Pliskin at 12/03/08 08:48 AM

The current percentages demanded by credit card companies/banks amounts to usury.

78 Posted by Ram Suntha at 12/03/08 08:50 AM

I had to work real hard to get my two kids off the credit card addiction that was introduced to them at the university.

We all need help to get these carnivores out of our kids liives.

79 Posted by M. Addison at 12/03/08 08:50 AM

We need credit card reform!
The credit card companies have been milking the public for more than what is fair.
We need fair interest rates a fair defult policies for credit card customers.

80 Posted by Kathleen Eaton at 12/03/08 08:51 AM

Credit card laws were changed quite a few years ago at the behest of the banks. Those changes led to rapaciousness on the part of credit card issuers and financial pain and loss for the users.

Now we're being asked to bail out these same banks. The laws governing credit crrd issuers must be changed back as a condition of any bailout.

81 Posted by George Smith at 12/03/08 08:51 AM

Do the right thing for the average consumer, not just big business.

82 Posted by Elaine at 12/03/08 08:51 AM

Since we, the tax payers, are already footing the bill and bailing out these companies I believe that it is time for these companies to treat their customers with fairness and force them to live within a balanced budget as all us small businesses must do. The federal reserve must force this issue by limiting these companies abilities to once again get the tax payers money!!! I vote to restrict these companies from increasing our credit rate as proposed by Consumers Union!!!

83 Posted by J. J. Skramstad at 12/03/08 08:52 AM

Citibank just jacked my rate from 9% to 26% just because they can. If that's what I get for a perfect credit history with them, I don't want anything to do with them. In fact I'm paying off my small balance so they won't make anything off me at 26%. I'm sure that's just what they want customers to do so they get in that large influx of money they so desparately need. It's not my responsibility to bail them out for irresponsible lending through their use of APR hikes. Their executives need to think outside the box because this "I'll do what I want and customers can't do anything about it" attitude is about to collapse their empire when the credit card reform laws get passed.

84 Posted by Janice Mastin-Kamps at 12/03/08 08:52 AM

Credit card companies are getting away with making up the rules as they go along: they reduce credit limits even for customers with excellent records, they prey upon young and unsophisticated people by offering incredible deals that come with hidden agendas (e.g., failing to process payments that arrive on the due date, and charging a late fee), and they do not keep their rates in line with current economic reality. Some also change credit arrangements if the customer is late for another bankcard company's payment, regardless of the circumstances. They justify their practices on the basis of the number of defaults they accrue, when prudent lending to only qualified customers would reduce their defaults.

85 Posted by Helen Zongolowicz at 12/03/08 08:55 AM

Upon checking my credit card statement o a card I hae ha for over fifteen year I was surprised to see that te interest rate had risen from 12% to 26%, I pay my bills on time and think this is unfair. As soon as I pay off this card I'm going to cancel my account. THe Federal Government needs to take action to put some strong lasw--with teeth--inplace to prevent the credit card companies from charging such high rates.

86 Posted by Ellen Liversidge at 12/03/08 08:55 AM

Banks and bankers are continuing to screw people with credit cards and credit card debt. We, the taxpayers, have, because of the Congress, already given them BILLIONS of our tax dollars with no strings attached. Due to this "bailout", I have informed my Senators that I will never vote for them again.

I refuse to have a credit card, choosing a debit card instead, yet I receive offers for credit cards on a daily basis.

What happened to the plan to put the lid on the avoracious banks as regards credit cards? Protect the American consumer, not big Wall Street businesses that got us into this fix to begin with. I will be watching your actions.

87 Posted by Clark Bowlen at 12/03/08 08:57 AM

I agree with proposed rules. In addition, should be limits on usurious interest rates, i.e. max rate before usury laws invoked. Say 25% as max. Anything above that=usury.

88 Posted by Joan Jordan at 12/03/08 09:02 AM

I cannot believe the amount of interest charged by credit card companies! The companies situate themselves in states where they are free to charge and do business as they please.

What has been the most disgusting to me are the late fees. This is just ripping off the consumer. Once again taking advantage of people when they want to.

I want to see heavy regulations put in place for all banks, credit card companies and lending institutions before one dollar of my tax money is spent. They fought so hard to make us believe they could self-regulate and now it is transparent that they cannot do that. There are too many power and money hungry people running away with the general populaces investments and savings. I did not work and save all these years to support multi-millionaires.

I also belive that the CEOs of these failed or failing institutions should be investigated and prosecuted for running this scam on the American people.

89 Posted by James Kappas at 12/03/08 09:03 AM

Seans that they offer low rates and when you
max them out,they encrease the rate. One card I
have, I have the min rate to pay is less then
intrest charged.

90 Posted by Alissa at 12/03/08 09:04 AM

I am part of the middle class and I can't continue to pay for everyone else's mistakes. When are the credit card companies going to be made to stop punishing everyone but themselves? If they keep hiking rates and tacking on ludicrous fees the consumer loses out in the end not them. Please put an end to their nonsense. NOW!

91 Posted by Etta Robin at 12/03/08 09:05 AM

If you want Americans to respect our government, then please demonstrate that you respect American citizens and insure that we are not unfairly disadvantaged by the major credit card companies.

92 Posted by Alan B. at 12/03/08 09:06 AM

I’m concerned about the fee’s and charges today’s banks are leveling on the people. Specifically credit card interest rates and late fees.

Since I’ve retired, I’ve become more involved in shopping here in Morgan Hill. I’ve noticed more and more of the small businesses posting signs stating `No Checks’. In
Asking why, they respond that the banks charge them a $25.00 for accepting a bad check
On top of their being out the amount of the check. It seemed odd since these same banks also charge the accountholder a fee.

I talking to my bank about this, I learned that they will give almost anyone a `free’ checking account and credit card which have fees and interest rates that would have been viewed as usury. And now they want to tie your interest rate to your credit score a awful practice in the current financial state our country is in.

I’d like to recommend that limits be placed on interest rates and fees that any bank that borrows from the $700 Billion Bail-Out Fund can charge. I'd suggest no more that six(6) points above prime.

93 Posted by Ruth Kortick at 12/03/08 09:09 AM

where is the outrage for consumers??? Where is our bailout??? Credit card companies are being allowed to run amok!!

94 Posted by Rick Theis at 12/03/08 09:10 AM

Stop credit card companies from treating credit card customers like indentured servants!

95 Posted by Rebecca at 12/03/08 09:10 AM

Interest rates need a ceiling and the interest rates should not be allowed to be bumped higher if a late payment occurs by more than one or two points in a given year. Some sort of regulation needs implemented to protect the Consumers who will be paying double--bailing out the lenders with our tax dollars and then them sticking it to us!

96 Posted by Jeff Atwood at 12/03/08 09:10 AM

These are sensible reforms!
No one understands the credit agreements we are forced to sign; not even Congress understands these contracts. Reform should include plain-English contracts.

97 Posted by Bradford Beyer at 12/03/08 09:14 AM

Several times a year I get notices of changes to my credit card terms and conditions, which make it impossible to calculate what charges that I will be getting if I have a ballance.. I don't think that the different types of charges that I make should have different interest rates. This will stop them from paying off low interest purchases before the high ones. Also I don't think that they should be able to charge you 30% interest when the prime rate is 5%!

98 Posted by Harry Feindt at 12/03/08 09:14 AM

Please think of the small people and do not allow the unfair tactics by the Credit card co.

99 Posted by Carol Breest at 12/03/08 09:15 AM

Stop banks from using the credit cards to enhanc their bottom line at the expense of those that use them. The current usuorous practices that run up debt, not agreed to in the original contracts (except by the ubiquitous use of 'may be changed at any time) should not be allowed. The US government and the taxpayers are bailing out greed and questionable practices. Don't let the credit card issuers -- most of which in days of lax monopolistic practices--are now in the hands of the less than half dozen conglomerates that the US government is bailing out.

As the FED has reduced interest rates, the banks have raised the interest rates. What is 'fair' to the consumer in that. Today's interest rates on credit cards should be at all time lows. Let us ensure that it is.

100 Posted by Sue B. at 12/03/08 09:16 AM

It is just too easy for people to buy EVERYTHING on credit thinking that tomorrow or next month or next year they'll think about paying for it. We think tight limitations should be put on who gets credit cards and if they don't pay a certain amount they should not be able to use their cards any more. Of course the banks aren't following that policy and expect bailouts, but it isn't right that those of us who don't have credit card debt are now having to pay federal money to help out those who have not shopped responsibly. Change the laws and act fiscally responsible!!

101 Posted by Gerard R. at 12/03/08 09:17 AM

Consumer activity drives this economy. The "union" that is this government needs to recognize that consumers will go away if trapped by overwhelming fees and interest rates. Banks will act in concert, even without collusion, if they think it will boost their profits and they think they can get away with it. So, rules and regulations need to be made and enforced to help insure fairness for the banks (who, after all, *are* part of the "union", too, and do provide jobs), *and* for consumers. The "business liberals" who got us into this mess need intelligent floor and ceiling conditions set to prevent a "profit over all else (including a secure economy and country)" mindset. For those who might complain about a loss of freedom, it's easy to remind them that *all* freedom is within limits: free speech is limited by laws regarding fraud, libel and "not yelling 'Fire!' in a crowded, but unburning, theater". "Free enterprise" also needs appropriate limits, to which these rules represent an incomplete but necessary step.

102 Posted by Butch Biendara at 12/03/08 09:20 AM

Instead of Robin Hood, you, and your crew are Hooded Robbers stealing from honest taxpayers to reward crooked stock and bank scamers.

103 Posted by Pamela at 12/03/08 09:23 AM

I cannot get out of debt becauase of the high interest rates and I am sure I am not alone. Wouldn't it make better sense to lower the interest rate and allow people to pay off their actual debt? Let's work together at healing our economy.

104 Posted by Mike Blundell at 12/03/08 09:23 AM

The rates that these firms are charging used to be called usury & there were criminal penalties for them -- perhaps the laws on usury need to be brought back.

105 Posted by Ilse Hadda at 12/03/08 09:24 AM

Why do credit card companies keep offering credit cards to people who are obviously poor credit risks? In fact, why does anyone need more than one credit card?

106 Posted by Jerry Beeingesser at 12/03/08 09:25 AM

My mother and father never had a credit card. They had credit at the small local grocery store and my father may have had a bar tab. I'm fortunate that I don't need a credit card. However my wife and I are required to use one to prove that we have credit in case of an emergency. My business has to charge our customers up to 3% + in order to cover the usurous charges that credit card companies charge. All credit card companies should be made to charge the same credit rate and drop all the chicken shit charges they slip in in the guise of "small print."

107 Posted by RA at 12/03/08 09:25 AM

CREDIT CARD COMPANIES ARE GETTING BILLIONS FROM THE GOVT(WE TAXPAYERS) FOR POOR BUSINESS DECISIONS. NOW WE TAXPAYERS ARE BEING CHARGED BILLIONS MORE IN FEES. WHEN ARE THESE COMPANIES BEING HELD ACCOUNTABLE FOR THEIR ACTIONS? WE SURE ARE! WE NEED FAIR- IMPARTIAL REGULATION OF THIS DYNAMIC INDUSTRY! THE WHOLE BANKING INDUSTRY IS GREEDY. NOW IS THE TIME TO ALLOW WALMART TO GET INTO BANKING. THEY WILL PROVIDE NEEDED SERVICE WITH LOWEST FEES ALLOWING CONSUMERS TO SAVE MONEY AND LIVE BETTER! MAYBE THEY SHOULD TAKE OVER THE AUTO INDUSTRY TOO!

108 Posted by Irene Chang at 12/03/08 09:26 AM

Legislators are guilty of criminal negligence in terms of protecting consumers from predatory lenders. The actuaries know the odds, and the legislators do little to prevent unfair practices. Please ask for and support for reform in credit card and mortgage legislation. There are too many stacked tables in the Temple. Time to overturn a few of them and restore some balance to help troubled families survive.

109 Posted by Jerry Hix at 12/03/08 09:27 AM

A contract is just that; a contract. Financial institutions should not be permitted to change terms and conditions on transactions already executed! Changes to a contract should be forward looking.

Make the credit card companies live up to their promises. Collect interest on past due balances, but at the terms specified at the time of the transaction.

I also believe it would be beneficial to raise mailing rates on junk mail like credit card applications. I receive over 150 applications a year, none of them at my request. Who benefits from this activity? Certainly not me.

110 Posted by James Bullock at 12/03/08 09:28 AM

Monday December 1, 2008, I received a letter from Citibank saying it was raising the basic interest rate on my credit card to 25% effective today, December 3, 2008, on existing and future balances. The rate on this card has been 10% for many years. I have never been late. I pay more than the minimum. I have a good credit record and rating, never late or missed payments on anything. I expect other banks and credit card companies are also raising their rates. These increases will almost certainly create more defaults, which cannot be in the banks' best interests.

(I live on a pension and social security.)

111 Posted by Tina Martin at 12/03/08 09:28 AM

I refuse to have a credit card because of banks unfair practices. I will not be part of their tactics to make money off of people who need it the most.

112 Posted by Donna Bonetti at 12/03/08 09:33 AM

A long time ago,there used to be laws against usury.It was considered immoral to charge high interest rates and fees in banking. We need to bring some of these laws that protect bank customer's money back.

The lack of protection from these practices is why I choose to do business with a local credit union rather than a large bank. I am a member, therefore I get a fair deal.

By the way, usury laws were taken very seriously around the year 1500 and they have eroded since that time, first with mercantilism, then under capitalism. It is time to recognize that people need to be protected and find better ways to do business.

113 Posted by Paul A. at 12/03/08 09:34 AM

Ben,
I agree with virtually all of the first 94 entries above.
The problem has been studied long enough.
We need action now

114 Posted by Bobby Conroy at 12/03/08 09:35 AM

As a tax payer I do not want to see another finical cris such as the housing problem. Anything that casuses consumers to default on their credit cards will create additional strain on the system. I am surprised the holding banks which have credit card operations do not see this as a problem. However these are the same people who did not see the housing problem until it was to late.

115 Posted by Rose Ryan at 12/03/08 09:35 AM

Credit card companies should honor the contract they made with the cardholder. Block any further charges if there is a problem, but do not raise my rate for someone elses problem.

116 Posted by Hal at 12/03/08 09:35 AM

It is WAY past due to stop credit card companies from doing whatever they want, whenever they want to. I just signed up with one (under the rules & rates they offered) and not even 2 weeks later I receive a letter saying they are changing the rates and my initial rate will no longer be honored. Come on that is ludicrous! STOP THE MADNESS! It is way out of control when they have all the rules stacked in there favor. Please help us!

117 Posted by Jerry Lawrence at 12/03/08 09:36 AM

Please pay attention to our requests to protect us from the unfair practices of banks to take advantage of us. There was a usury law of old that even then seemed to favor the money lenders. It is very important to provide protection for the average citizen against egregious interest and other charges for our use of credit cards.

118 Posted by Julie at 12/03/08 09:38 AM

Credit card interest rates are driving honest citizens into ruin. Banks continue to increase rates to the extreme greedily increasing their profits at the expense of the borrower. It's an unfair practice that needs to be stopped.

The consumer seems to be the one to shoulder all the mistakes of these companies and has a double whammy by paying taxes to bail them out and being forced to pay exorbitant interest rates. Where is the bailout for the credit card user? It's about time a stop was put on these banks and credit card companies so that they do not continue to hurt the consumer.

It's too bad that these companies aren't ethical enough to put on limit on themselves. Power and greed seems to be the name of the game.

119 Posted by larry foster at 12/03/08 09:38 AM

Altho I have built up good credit, I hate that the credit cards try to get me to take on more loans, then they put the higher interest loans on the bottom of the pay portion, therefore
I never get the higher rates paid off unless I pay the entire balance.
That is ridiculous. Payments should be applied 100 percent to the oldest outstanding balance on all credit!!

120 Posted by Don Rauth at 12/03/08 09:39 AM

If you're unable to manage your finances, there's a simple solution.....PAY CASH!!!

121 Posted by Marida Kiefer at 12/03/08 09:40 AM

Start doing your job and protect the American consumer! All we ask for is a little FAIRNESS in our dealings with credit card companies. The mess we are in is due to deregulation. The government obsviously must step in to keep us on a level playing field. Enact these rules immediately.

122 Posted by James M. Jones at 12/03/08 09:42 AM

Enough is enough! Stop the banks unfair credit card practices. Regulation is a must to stop abuse!

123 Posted by Michael Speer at 12/03/08 09:44 AM

I just received my December credit card bills today. I have never been late on a payment in 20 years but all cards had a notice saying there had been changes to the agreement of my credit card. They all now have the right to charge up to 30% interest for no cause. Citicard announced they were raising the interest rate from 6% to 19% because they can even though I have met all obligations for 20 years. We all know that the money being thrown at the banks along with the lower prime should actually cause the rate to drop. I paid one banks card off and they sent me a notice that my interest rate on that card had dropped 7% which is strange because they just raised it 7% the month before so I had paid it off. THESE ARE UNFAIR PRACTICES!

124 Posted by Conrad W Ware at 12/03/08 09:45 AM

Until credit card corporations stop paying most of their profits in salaries to CEO's, offering them open expense accounts and giving away most of their company stock to them, they should leave us cardholders alone. My advice to them is to clean up their own house first. Not one of their CEO's had anything to do with me obtaining a credit card with their company. So why should you give them 90% of my purchase payments?

125 Posted by Bonnie Bernat at 12/03/08 09:47 AM

The credit card companies that charge excessive interest rates, are a major contributing factor to economic difficulty and decline. Their practices are based on greed. Their interest demands are unreasonable. People who could pay their bills are hit with outrageous amounts of interest. And guess what? They can't pay their bill anymore. Credit card companies are in large measure, responsible for their own difficulties. Please find a way to limit the amount of interest that can be charged on credit card and do it soon.

126 Posted by Harvey Phillips at 12/03/08 09:47 AM

Not only stop the excess fees, but cap all cc interest at 4%. That should still give the cc companies good profit.

127 Posted by Mary Ellen Reese at 12/03/08 09:48 AM

When a person accepts the offer of a loan, the lender should not be able to change the terms later. Let's have some simple justice here! Banks have been claiming not to receive payments on time when they are delivered by mail. I pay my payments through Checkfree for years, and they have never made a mistake. The two banks who tried to get out of promotional rates by claiming late Checkfree payments were attempting a scam. They returned the agreed upon rates when presented with evidence from Checkfree. Stop the bastards, please! That industry has been raping America and you people have been encouraging them.

128 Posted by Carol Rowley at 12/03/08 09:48 AM

Current credit card rates would have been considered usorious under many state laws in the past. The very worst provision of current credit card "deregulated" law is that when a person has ONE late payment even more usorious interest rates can be imposed, or even worse, when a person "acts" in such a way that the bank thinks the person may be on the verge of tough times it can similarly raise that person's interest rate ("acting out" by buying used tires instead of new ones, for instance, triggers the computer to "identify" a person in "possible distress"). It is a disgraceful reflection on an industry (banking) that is making its profits off these usorious interest rates which hit the most vulnerable in our society.

129 Posted by Marcia Whiting at 12/03/08 09:51 AM

Does the term "usary" mean anything to congress or the Fed? We need a federal cap on interest rates and default penalties. Late payments are subject to ongoing interest application (more interest to the bank) and penalties just for being a day late. the credit provider is made whole thereby. There in NO need for expaned default rates, beyond the need for greed. Stop it now.

130 Posted by Steven S at 12/03/08 09:58 AM

A neighbor of mine recently went to his bank to pay for one of his utility bills ... they take the payments their. He was paying in CASH! The bank told him that their would be an additional charge of $4.00. HOWEVER, if he paid with a credit card there was no additional charge. What's wrong with this picture? When did cash become a worthless currency in favor of credit card purchases.
SOMETHING HAS TO BE DONE TO REFORM OUR MONETARY SYSTEM NOW!

131 Posted by Jerry Lee at 12/03/08 09:59 AM

I do not agree with the bailout of the banks that were the cause of the current economic crisis and certainly AM NOT WILLING to continue bailing them out via my credit card interest rate, fee's etc. If we cannot help the auto industry then there is no justification for the help to the banks either!

132 Posted by Ruth Anne Baumgartner at 12/03/08 09:59 AM

In my area the utility companies have raised their rates nearly every year, by substantial amounts. My trash collector has doubled his rates over the last four years. My health insurance cost has nearly doubled in the last four years, and these are group rates, not individual rates. Our town's real estate was revalued at the height of the housing bubble and so my property tax increased by nearly half. All of this while my own real income, and the income of most working Americans, remained stagnant or actually shrank. American consumers are driven to credit to try to bridge the gap between what they earn and what they MUST spend. And for that, the credit card companies have been permitted to exact payments and enact policies that until recently would have been termed USURY and would have been not only illegal but also, in some religions, sinful. The creditor compounds and re-compounds the debt, making it impossible ever to get back into the black.
Some years ago I took out a loan to buy a car, and with every payment I could see my principal decrease. But for the last five years I have been carrying a home mortgage and have seen virtually no decrease in my principal, even though the mortgage is fixed-rate and my payments (the amount stipulated by the terms of the mortgage) so far have actually totaled more than half the amount of the principal. Nearly all of every payment has gone for front-loaded interest. It's hard to believe that after only twenty-five more years of this (!), if I live that long and can keep up the payments, somehow my mortgage will be paid off. Meanwhile, I get repeated mailings from the same company (CitiMortgage--aren't we bailing out Citi?) urging me to take out home equity loans and insurance policies (including mortgage insurance!), and to switch to a mortgage payment plan that will increase my individual payments in exchange for a slightly earlier payoff. I used to feel satisfaction with every car-loan payment I sent in; but with this mortgage I feel the frustration of running as fast as I can on a treadmill to nowhere while the company looks for more ways to get whatever money I might still have in my bank account.
It is time to force lenders to stop their abuse of honest people trying to manage their lives in economic hard times. Mr. Bernanke, you are bailing out the finance companies with our money; you must take steps now to respect our needs as well.

133 Posted by Carolyn Studebaker at 12/03/08 10:02 AM

Credit card companies are as guilty as pay-day lenders at keeping poor people in debt up to their ears. Please so something to relieve their misery!

134 Posted by Matthew R. Taylor at 12/03/08 10:04 AM

Credit card companies must give consumers a break, they are being bailed out and they will be making enough money as it is.

135 Posted by Ed Maguire at 12/03/08 10:05 AM

I was reciently embarrased in front of relatives when my credit card charge was declined. It seams the card issuer had reduced my line of credit down to my existing balance but had not notified me. I received a letter from the credit card issuer ten days later notifying me of the change. I have not been late with my payments and do not feel I deserve to be embarrassed this way. They should notify me prior to making such a change with enough notice to avoid such an incident.

136 Posted by Name at 12/03/08 10:07 AM

Quit using tax payer money to bail out every corporation that is lousy with money. Let them fall, sell or whatever, but I nor can other taxpayers keep this up.

137 Posted by Larry G at 12/03/08 10:07 AM

As a former 24 yr bank employee who spent 10 of those years in the bank card dept as a lender, we need this bill passed. Banks encourage use of credit cards then make it difficult to pay them off. The consumer should be able to payoff the highest interest balances first, or the highest interest balance should automatically be paid off first. If you make your payment within 30 days of your statement date there should be no late charges OR other punitive actions - such as increasing a promotional rate to the standard rate on the card. Financial institutions that issue cards should not be able to arbitrarily increase your rate if your account has been paid on time. Also, there need to be restrictions on how the financial institutions can use their "bailout" money. It is embarrassing that the Big Three automakers cant get 1/28 of what the financial instituitions received, but they supply 1 in 10 jobs in this country.

138 Posted by Barry Hantman at 12/03/08 10:10 AM

Enaction Credit card protections now? Usary rates (those over 8% should be illegal. Reign in these unethical "theives". An agreement is a contract between two entities (people, companies, etc.) No changes by law, should be allowed unless agreed upon be all parties. Congress, "Do your sworn duty".

139 Posted by Scott at 12/03/08 10:11 AM

We need this reform now . The credit card companies have for too long been free to do as they please. They need to be reined in, especially in these tough times when people are having such a hard time ...

140 Posted by David Shelton at 12/03/08 10:11 AM

Has it escaped the notice of those responsible that the jokers who have created this financial mess are the same ones that dreamed up the usurious and underhanded credit card rules of conduct that place a huge burden on the poor who are the ones who need credit. I'd say the bailout recipients have proven their low moral character, their greed and incompetence, and need to be cleared out of the way before any 'bailout' of these corrupt, manipulative assholes. But it's too late for that now that the economy is in the toilet, so we've got to live with their mess. In a more perfect world, they should be stripped of all their worldly possessions and be given the rank of pariah in our society, but they will make off with billions of our money and do what they like with it. Very frustrating.

141 Posted by Eric at 12/03/08 10:15 AM

It's interesting that banks pay a lower rate of taxation than the average consumer. They charge incredible amounts for bounced checks - far more than their actual cost, as this is a profit center for them. Most no longer return cashed checks to the account holder and charge for copies of same - another little fee to the user. They hold all the power, yet want money from us. This needs to change, and to our betterment.

142 Posted by Maria Salas at 12/03/08 10:16 AM

My neighbors down the street just moved out who knows where, because they could not pay their bills. It seems everyone I know has a hair-raising story of unfair and excessive fees, interest rates and penalties on their credit cards that most cannot afford. I try not to carry a balance on my credit cards and pay every month on time. Yet, the banks managed to slap two late payment penalties of more than $50 because the interval when they mail the statement and the payment due day keeps getting shorter. Both times in my case, the payment was posted one day after their due date.
Late payment fees of that caliber and hiking interest rates up to more than 30% is true usury. The FED needs to defend the citizens and establish just and defined rules that limit interest rates and fees. There has to be some accountability about the bailout to the tax payers.

143 Posted by Hans Oesau at 12/03/08 10:17 AM

One credit card manager I told I want to cancel the card and the response was: We do not do that.
Another I asked to lower the max. allowed and the response was the same.

144 Posted by Cynthia Patterson at 12/03/08 10:17 AM

We consumers play a vital role in the economy -- it is healthy when we are and ailing when we are as well. There are rules helping the other major players -- consumers need rules in our favor, too. Credit card rules keep all the players in the "game." Pass these rules! The economy will thank you.

145 Posted by Rev. Carl Bowers at 12/03/08 10:19 AM

Unless the proposed rules are enacted and enforced immediately, more and more consumers will be squeezed and stop consuming. You cannot augment a house by using material from the foundation.

146 Posted by Richard B at 12/03/08 10:19 AM

The interest rates that credit card companies charge need to be capped at a reasonable percentage. 6% above prime is plenty, even for the worst credit profile.

Also, worst case scenarios need to be printed at the beginning of the contract, in large type.

Also, credit card companies should not be able to change contract terms - period!

I suggest serious review of complaints against credit card companies and stiff fines for unethical policies, tricky or hidden terms, and unnecessarily complex calculations.

147 Posted by Pat Walsh at 12/03/08 10:20 AM

More regulation is needed for protection from credit card companies. We just need a chance to respond, and react. Just make the paying ground fair.

Pat

148 Posted by Gene Estes at 12/03/08 10:22 AM

Are you totally anti-American? Are you trying to put the final nail on the coffin in our ailing economy? Get your act together, & enact regulation enough to at least pretend to help the very people that are the entire backbone of our economy. Don't be an idiot & shoot yourself in the foot, like the housing industry did!

149 Posted by Alis W. at 12/03/08 10:24 AM

The proposed rules are great, but they really don't go anywhere near far enough. The credit card business has grown to gargantuan size due to the way it has managed to force citizens to participate in practices that are industry-created and only benefit the industry. For instance, the credit report business is a huge moneymaker; everyone has to keep track of her or his credit score constantly, or is encouraged to believe as much, but the services that offer supposed "monitoring" of credit do almost nothing for their monthly fees. Another bizarre practice is "zombie" debt collection--the practice of allowing collection agencies to harass consumers with automated calling on debts that are many years past the statute of limitations or have actually have paid off. These unscrupulous collectors hope to trick and intimidate consumers into paying on debts that they no longer owe. In many states that would actually make the debts "good" again--however dishonestly. Also, many consumers don't realize that paying an old debt will actually lower their credit score--a bit of illogic that no one in the credit score business even has to explain, since the formulas they use to come up with these numbers that make all the difference in how much a consumer has to pay for credit are their secret. Transparency is a must. They know everything we do, but we know nothing they do.

150 Posted by Martha Johnson at 12/03/08 10:24 AM

The current credit practices/rules are ridiculous. Banks and credit card companies are punishing 'borrowers' for their own mismanagement. They should not be allowed to jack up interest rates UNLESS a person regularly misses payments and even then the increase should not be allowed to go to unreasonable rates. You want the economy back on it's feet? People who are struggling now can't afford to make purchases AND pay outrageous interest rates if they use their credit cards.

151 Posted by Lisa Roth at 12/03/08 10:25 AM

There are no bailouts for regular people who are being effected by eight years of Bush's policies that only benefit the wealthy.

Support these reforms!

152 Posted by Victress Jenkins at 12/03/08 10:25 AM

Part of the problem with credit cards is that people, whose credit history is questionable, are given cards when it shows they're not even paying the minimum.

I keep getting barraged with credit card offers. I usually shred the convenience checks but it's tiring to have to have all this stuff coming all the time. I can't even get one of the charge cards to lower the limit.

153 Posted by Dale at 12/03/08 10:25 AM

Mr. Bernanke, Lets consider direct grants to consumers, who would have to use the money to pay off debt. The money ends up in the banks, making no difference what there Credit Card Interest rates are. Radical, but just might be whats needed.

154 Posted by Stanleigh Jones at 12/03/08 10:26 AM

I agree very much with this comment: I’d like to recommend that limits be placed on interest rates and fees that any bank that borrows from the $700 Billion Bail-Out Fund can charge. I'd suggest no more that six(6) points above prime.

155 Posted by J. Steele Olmstead at 12/03/08 10:26 AM

Mr. Bernanke,
Daily I see the hurt caused by credit card abuse, though not by users with the clients. I am an attorney and I hear and see the carnage wrecked on the average working American and his or her family. It is a disaster.

I see the mail full of unsolicited credit card offers that constantly entice to "use easy money, roll over loans, get cash advance, buy the life you want." All the come ons with no bit of reality to the average customer to let them know they may face suit, skyrocketing interest rate for the least indiscretion or act, "funny" interest rates that vary wildly from the apparent interest rates the person thought they were getting, finance charges and add ons for the oddest of services. It is a "wild west" with no regulation, no protection and no rules. It is an outrage this continues.

These people need to have real financing of their lives by local banks and not these robbers from the North who steal from them and the local banking system. These folks need to have ALL the information about what they are getting themselves into with a credit card application.

It has to stop. These companies must be regulated. This is allowing these credit card companies to run without limits and trample their customers, the average working American. This is wrecking the economy of the average person. We are not just consumers. We are Americans and are entitled to protection from these thieves by our government. Do something. Now.

156 Posted by Robert L. Burns at 12/03/08 10:29 AM

I'm having a tough time understanding the rationale behind raising the fees on credit. While it is true that some can pay these outrageous fees, a growing number of people can't. Why not keep the costs of borrowing reasonable so that more people can make the payments and help to spur the economy? Isn't it to the advantage of these financial institutions to have paying customers rather than an increasing number in default? Do the right thing by consumers and everybody wins!

157 Posted by Roger Rasco at 12/03/08 10:29 AM

Chairman Bernanke, for far too long the credit industry has taken ill advantage of their customers. Enough is enough. Please implement the new rules with no further hesitation.

158 Posted by Alice at 12/03/08 10:30 AM

Now that they practice usury, which once was illegal, and the economy is in bad condition, how are those of us who practiced sound principles to get jobs? Now it is hard for me; I am running out of money. I pay on time but live in an apartment. I need a regular job to stay here. Where are the jobs? Where is the economic growth for us regular Americans?

159 Posted by Toby Levy-Preston at 12/03/08 10:31 AM

I just checked on-line to make sure my payment posted and noticed there was a $39.00 late payment charge and the payment was not even 12 hours late. I asked them why and they said the payment would not be posted until after 8PM. I called at 10AM. I asked Chase to forgo the late payment and they said NO. I am a long standing customer (over 10 years) and have never had a late payment. It was late due to the Thanksgiving holiday. Now I am sure they will jack up my interest rate too. I do NOT like dealing with these people. They just want to rip everyone off. I am now paying for them to buy other banks.

160 Posted by Clark Q. at 12/03/08 10:32 AM

I'm deluged with offers of credit cards. Why, unless it's a great deal for them? It's easy to see how people get in trouble!

We pay off every month, yet it's scary to think that to pay for their mistakes in investment (can you say greed?), they expect us to pay by raising rates and fees. Tie the bailouts to good behavior, and require good behavior on cards as well!

161 Posted by Karen Rund at 12/03/08 10:33 AM

I've watched my interest rates almost double on 3/5 of my credit cards over the last couple of months. If the price of gas had not come down in the same time period, I would not be able to keep up with my payments to the credit card companies. I admit that I am over-leveraged, but I know that there are millions of Americans who are in way deeper than I am. I don't know how we all will be able to keep current on our payments if the credit card companies continue to have no restrictions on how much they suck out of us. It is poor business practice, yet AGAIN, since people will reach a point where they will default on their cards. I guess they figure we'll bail THEM out, too. Where is this going to end?
We, the misguided consumers, need protection from these companies--not corporate welfare for them. The wealth of this country comes from the roots of the tree--not the leaves. The roots are the working people. Without them, even the richest will not be able to survive. For the last time, get OVER the trickle down theory--it doesn't work, and we have volumes of proof that it doesn't work. It's time to use trickle UP economics. Put the resources to use in the roots, and it will make its way up to the leaves and everywhere in between.

162 Posted by Maria Williamson at 12/03/08 10:35 AM

We just received our letter in the mail from Citibank informing us that our interest rate was going up to 25%! We have never paid late, had a returned check, or gone over our limit. My husband is now disabled so unfortunately this card balance is too high to just pay off, but we won't be able to pay the mininum payment with such a high interest rate. This is the second bank to do this to us. We are just middle class Americans trying to pay our bills and get social security disability approved for some additional income. It is not fair or right for the banks to be doing this to us, especially after the bailout, and when we haven't done anything wrong!

163 Posted by Amos Hobby at 12/03/08 10:36 AM

Come on. Fair is fair. Without the consumer there is no economy.

164 Posted by Donald Paden at 12/03/08 10:38 AM

The public deserves and needs government protection against credit card usury.

165 Posted by irene at 12/03/08 10:39 AM

We need to start at the root of the problem.....
Do not issue credit cards to people who are not able to pay them off monthly!
We live in a "want now - pay later" world and need to return to "save for your wants". College students are bombarded with credit card offers and often get sucked in without even knowing what they are getting into. This practice is shameful and should not be allowed!
That is the start of the problem as I see it....
Irene

166 Posted by M. Muehlhausen at 12/03/08 10:39 AM

Banks must give consumers a fair partnership in the credit card business. For too long it has been one sided. We need these reforms now.

167 Posted by Lamar Vela at 12/03/08 10:39 AM

The credit cards steal from us by too high interest. I had to sell 90acres of my land to pay them off and I swore I would never use them again. I am absolutely scared of them since theyu are so crooked. They steal more from the consumers than crooks do.

168 Posted by Pat D at 12/03/08 10:41 AM

It is a crime that the banks are getting a $700 billion bailout and the consumer is continually being robbed by these crooks. I have a BOA card that I have had for years and pay it online. I was 1-day late with the online payment and my rate went to 26.74%! Yet I continue to get mail from them for me to transfer my balances--yeah right. These crooks are no better than the pay-day loan sharks. Consumers are the ones being charged for their bad business practices. Yet the CEOs continue to make millions. Every bank CEO that gets money from the Bail-Out Fund should have to forego their pay and bonus!!!! I would get a home equity loan to pay these crooks off but I am in the upside-down mortgage arena. It is time to do whatever is necessary to curtail the bank loan sharks and do what is right by the consumer.

169 Posted by Bradley Walker at 12/03/08 10:44 AM

Thanks to the banks and their cupidity,
We're suffering a drought in our liquidity.
We need relief, or I've got a hunch
That more than our credit will be going CRUNCH!

170 Posted by Lewis & Rose E. Riggs at 12/03/08 10:48 AM

Credit card companies and all companies that willfully and indiscrimently send out applications to everyone on the planet Need To Be Held Accountable for their actions and take all loses themselves - done by people who shouldn't have had a credit card because they never had enough money or good enough credit to begin with to qualify for a card. The credit card companies need to pay for these loses out of their pockets too. Interest rates need to be reduced to a decent level, 5%, 6%, 8% - Max. This business of 22% - 29% has to be a violation of the usuary laws! Credit needs to be issued to those who can actually afford credit. If chances are being given to the poorer folks, then these companies need to be very leanient and help these poorer folks by lowering interest and credit limits to the can establish good credit by being able to pay for their credit card usage. But still, the credit card companies need to be help resonsible for much of these problems They alone have created by indescriminently sending out toooo many card to everyone.

171 Posted by Stevan Skeels at 12/03/08 10:48 AM

I used a balance transfer offer to get zero interest for about 9 months on my credit card debt.

When the period expired I hadn't been able to pay it off so I looked around and every offer I could find wanted 3% immediately just to transfer the amount! I stayed with the card and paid the new interest rate of 9.99%.

A few months later, for no reason, they notified me that the rate was going to 19.99%! DOUBLE!! THIS IS WHAT HAS TO STOP!

THE CREDIT CARD COMPANIES ARE OUT TAKE ADVANTAGE OF UNSUSPECTING CONSUMERS!

Credit card reforms are needed NOW!

172 Posted by Pat Leone-Thiel at 12/03/08 10:49 AM

Enact laws and policy to put the credit card companies and consumers on a level playing field.
Those of us left standing as the financial meltdown occurs demand that those most greedy and power hungry executives and elected officials be held accountable for their disregard for the bulk of their customers that thought they understood the rules of the game, but are finding the rules change with the arrival of each monthly statement.
Also, stop allowing credit card companies to become banks! This is a complete corruption of business as we know it and should not be allowed, again changing their own rules so they can get taxpayer bailout money. This subversive behavior must be stopped now! We all know that the company's accountants will attempt to cook the books in the changeover process and this must not be allowed.
TRANSPARENCY AND ACCOUNTABILITY MUST BE APPLIED TO ANY USE OF THE BAILOUT DOLLARS, AND THE CREDIT CARD COMPANIES/BANKS MUST BE HELD ACCOUNTABLE FOR THE ABUSIVE POLICIES THEY'VE INCORPORATED INTO THEIR BUSINESSES AND CHANGE THEM.

173 Posted by Eric Chipman at 12/03/08 10:49 AM

I think that it is time to demand that credit card companies stop charging high interests for use of their cards.

174 Posted by Karen Raccio at 12/03/08 10:52 AM

I don't think that any of these banks should be "bailed out". Nor should people that charge too much either. It is not fair for those who pay all of our credit cards on time and always "do the right thing".

175 Posted by Richard Mendes at 12/03/08 10:53 AM

The system is broken, and consumer confidence is going down the drain. Credit card reform is a means to help rebuild consumer confidence and get the economy going again "from the bottom up." Top-down economics hasn't worked very well.

176 Posted by Henry Clarence at 12/03/08 10:53 AM

Stop the banks from initially making teaser card offers and later jacking up the interest rates.

177 Posted by Marcus Q. Murphy at 12/03/08 10:53 AM

JUST DO IT!!! The little guys are getting squeezed and then the big wigs make us pay for the big guys bailout. It was not put to a vote.

178 Posted by Marcus Q. Murphy at 12/03/08 10:53 AM

JUST DO IT!!! The little guys are getting squeezed and then the big wigs make us pay for the big guys bailout. It was not put to a vote.

179 Posted by Dan, Troy, MI at 12/03/08 10:53 AM

As an attorney I am ashamed at the abuses happening to our legal system. We used to have reasonable and fair laws that protected the consumer. Today the coin has flipped. Not only do we have to keep banks healthy with all their unfair fees and what used to be criminal interest rates, now we will have to pay for their bad investments with the bailout. Time to change the laws back to protect the consumer again...asap!

180 Posted by joyce bunch at 12/03/08 10:53 AM

The banks are asking a lot from their customers. They should be providing service to their customers ..... not customers serving the banks. The whole economy is upside down because of a broken service philosophy and greed. When the bank interest is higher than the minimum payment a customer cannot get ahead on a cc account.....and that is not a fair shake for the consumer. Put restrictions on the banks now.

181 Posted by dpeters at 12/03/08 10:57 AM

"Why do we always help the worker who showers before work, but not the workers who shower after work?"

182 Posted by pat sharkey at 12/03/08 11:00 AM

Why are we bailing out the greedy bastards??

They are predators .

You must put some controls on

183 Posted by Thomas Steadward at 12/03/08 11:02 AM

If the rates charged by banks today are not reformed, they will continue to usurp their customers in the same fasion as the loan sharks and gangsters of old. Please give us a fair playing field. This is needed at once if you wish to restore Americans confidence in our banking system!
The only difference in the banks and gangsters is the banks sue you in mediation, and the gangsters break your legs.

184 Posted by Gaea Lete at 12/03/08 11:03 AM

Please implement the Credit Card Reforms that are so desperately needed, by so very many! The banks have far too long taken advantage of the consumers. The rates charged on most cards are simply usury.

185 Posted by TANYA HAYES at 12/03/08 11:04 AM

I have a couple of credit cards which I was informed had been closed because they went over my limits.They increased my limits without my knowledge & charged me for doing so. I didn't ask for an increase. The charge, the finance, the maintanence fee, miscellaneous fee & interest put it over. I paid made more than my monthly pay rate before the due date in the month. I was told because it went over the limit after I'd paid, my account was considered late, therefore a late payment charged.I still don't understand how it could be considered late when I'd already paid two weeks before it was due & it was under the limit when I paid & further under after I paid. To me it all seems like Racketeering.The thing Al Capone & other mobsters were being tried for by federal law. Looks like the mob has gotten the federal government to do their knee breaking for them.

186 Posted by Ronald Carrier at 12/03/08 11:04 AM

I am not as articulate as many of the above people who have posted requests for fair treatment and relief from banks and credit card companies that seem to "stick it to" the consumer. I merely ask, Mr. Berneke, that you do what has been promised to make the issuers of credit treat us, the consumers, fairly since they are receiving "bail-outs" from the people who will be taxed to make the bail-outs possible.

187 Posted by Christine Polson at 12/03/08 11:06 AM

Please help consumers fight back against corporate greed.

188 Posted by Martha at 12/03/08 11:07 AM

It's high time the Wall Street thieves and credit card loan sharks were held accountable for their actions. No ifs, ands or buts about it. THEY MUST PLAY BY THE RULES-NO EXCEPTIONS FOR ANY REASON WHATSOEVER. If they can't handle it, tough. No one is above the law. No one.

189 Posted by Larry B. at 12/03/08 11:09 AM

I am a retired teacher. I have never missed a payment and have always made more than the minimum payment. I have an excellent credit rating. Nevertheless, my credit card issuers have informed me that my interest rates are going up. In fact the issuers informed me that they are raising rates on everybody. That is both unfair and unethical. Please pass the credit card reform bill now. We are already bailing the banks out with taxpayer money. We should not have to bail them out twice. Retirees on fixed incomes cannot afford to subsidize them twice.

190 Posted by Samuel D. Gonzales at 12/03/08 11:13 AM

What has happened to personal responsibility in this country. If I get in credit card debt over my head, no one is going to bail me out. The money being used to to bailout the large financial institutions is being borrowed and will have to be paid off by future generations. Consumers are the backbone of this economy, and they should not be penalized for the mistakes the big banks made. Chairman Bernanke enact credit card reforms now.

Samuel D. Gonzales
P.O. Box 40
Alcalde NM 87511

191 Posted by J. Miranda Brocki at 12/03/08 11:14 AM

Many credit card companies start with illegal moves, like telling you that you are not allowed to close an account and pay it off under the original terms when they raise interest rates without notice or giving a reason. They assume that consumers don’t know the law or can’t afford to hire legal help. The institutions you are bailing out are often unethical unless they are shown t hat someone with real power is watching.

192 Posted by Rachel M Hervey PHN at 12/03/08 11:15 AM

Talk is cheap-enough is enough. It's time to move. It's time to bring back honesty and trust from ourselves as well as those we deal with. Times awaiting for all of us ! Sincerely,

193 Posted by K. Curtis at 12/03/08 11:20 AM

We could all go back to paying cash or buying on layaway. Then what would happen to the banking system, which is set up to make a fortune from our lack of delayed gratification...? Interesting thought. But we consumers shouldn't have to keep throwing good money after bad. How many times will you allow the banks to have us bail them out?

194 Posted by Michael L. at 12/03/08 11:26 AM

The Credit Card meltdown is coming and it promises to be as big as the mortgage meltdown.

If you really want to stimulate the economy stop the outrageous fees, rates and practices that guarantee the banks unending revenue because consumers can't recover when their fees and interest frequently exceed the minimum monthly payment. Some banks are charging in excess of 30% on their credit cards. This is beyond shameful and should be criminal given the current prime rate and the state of the economy.

Give consumers a break and mandate a reasonable interest rate for all outstanding debt, say 6.99% fixed or prime +5% across the board. Stop the practice of FICO scores that determine "quality" of debtor that allows banks to change your terms based on interactions with others. Help consumers and the country get out of debt and/or gain access to reasonably priced credit.

195 Posted by Roger K, Clifton Park, NY at 12/03/08 11:35 AM

Put a stop to credit card companies forcing monthly payments to be applied to LOWER interest balances before being applied to HIGHER interest balances. The reverse should be the practice, or the consumer should at least be given the choice of how the payment should be applied.

Payments made online should be credited on the same day and not one or more days later.

196 Posted by H. Karl Bouvier at 12/03/08 11:35 AM

We all are victims of the greed that got us into our financial mess. It is outrageous that the credit card company issuers are allowed to continue their greedy practices at our expense.

197 Posted by Olivia Koppell at 12/03/08 11:38 AM

For the past twenty years the banks and credit card companies were able to prevent any meaningful regulation of the "debt industry", turning our country into a debt economy - really a house of cards - that is crumbling - after the few enriched themselves. This unregulated credit policy is in no small part reponsible for the current crisis.It's time to undo some of the damage by enacting these rules now - it's still too little, too late, but better than nothing. Now! And recognize the mistake in not acting years ago, so we can start to heal.

198 Posted by Leon Bernotas at 12/03/08 11:41 AM

" I am not as articulate as many of the above people who have posted requests for fair treatment and relief from banks and credit card companies that seem to "stick it to" the consumer. I merely ask, Mr. Bernanke, that you do what has been promised to make the issuers of credit treat us, the consumers, fairly since they are receiving "bail-outs" from the people who will be taxed to make the bail-outs possible."
BY Ronald Carrier

199 Posted by Herbert Dalke at 12/03/08 11:41 AM

General Motors sold or so they say 5 Private Jets. How many do they have? And you Mr Berneke are supporting a bail out of these high rollers. O K give me a break and all the other Credit Card holders and drop my interest rate, Please. The Government should never get involved in a private corporation. We have enough Control of our private lives as it is. The scarist thing to say is "I'm from the Government and I'm here to Help", from Ronald Reagen speak.

200 Posted by Stephen McMath at 12/03/08 11:42 AM

Chairman Bernanke please follow through and enact credit card reforms now!

• Stop companies from randomly hiking interest rates on your balances if you haven’t been more than 30 days late in paying.

• More fairly distribute your payments to high-interest debt. This help ends the unfair practice of preventing you from paying down high-interest balances until you’ve paid off low-interest ones first.

• Prevent a late fee unless you get least 21 days from the billing date to your payment due date

• Ending two-cycle billing, in which a finance charge is calculated based in part on balances you’ve already paid.

• Restrict financing of security deposits and issuing fees for those who have trouble getting a credit card to less than 50 percent of the credit limit – so fees don’t eat up all the available credit.

• End over-limit fees caused by a card company’s hold on your available credit. You shouldn’t suffer because a company holds your credit and causes you to go over the limit.

It's true that abuses are spelled out in the voluminous fine-print terms that the consumer implicitly agrees to when using a credit card account, but when a cardholder makes the slightest error, there is no flexibility in the arrangement.

It's time to remember the consumer and not just the bank.

201 Posted by C A Lach at 12/03/08 11:43 AM

Let me get this straight: the banks are asking us to trust them to do the right thing by consumers? I really do think they need a little nudge in that direction. Their track record doesn't exactly fill me with confidence. We need credit card reform and we need it now!

202 Posted by Rich ( in name only) at 12/03/08 11:46 AM

Why not eliminate the credit card interest for cardholders to help them recoup and get ahead of the debt that has been heaped upon them by what should be criminal interest rates. The reason banks are failing is because they are mismanaged and executives pay themselves too much. Any use of tax payers money (bailout) that goes to Credit Card debt holders MUST help the consumers. You can't have a health economy if the consumers have no ability to consume because they have been sucked dry by greed. We would be better off with a government run credit program that had set fees and fair rules and we could borrow our own tax money. Eliminate the fat cats who just can't get enough homes and cars and golden toilet fixtures. Nobody should be paid $115 million over nine years. That's what Robert Rubin earned as head of the Executive Committee for Citi !

203 Posted by John Ramos at 12/03/08 11:48 AM

I actually think all these guys are in bed together, there needs to be a clean sweep. Chairman Bernanke - gone, Paulson - gone. No bailout money for any usurious bank that has credit cards that are involved in bilking the consumer. A credit high limit ceiling. If they raise interest rates, have a process to bring them back down with consumer action.

Just clean out the whole mess of bilksters. And...stop bank excessive returned check charges etc. $33 -$75 is totally ridiculous. I rember just a few years ago the banks were sued for excessive charges, why were they allowed to just go wild?

And they call this conservatism?!

204 Posted by Linda Koster at 12/03/08 11:50 AM

I think this is an outrage what is going on with the banks. I am filing a complaint with the OCC regarding the fact that the banks are being "bailed out" and they choose NOW to raise our interest. As stated in previous comments, where are our bailouts? We are all struggling to make our payments on time and afford to live. What colossal nerve to allow these national banks to raise our rates in the wake of all the financial crisis..who helps the paying customers?? I just received a notice from HSBC bank that my rate is being increased by 2%! And they can get away with this! All the bank is required to do is give us a 15 day notice and they can do what they want. Someone has to step in here and give us some more options and enact some regulations with these banks..

205 Posted by Diane Margolis at 12/03/08 11:51 AM

Please implement the reforms consumers need: longer periods between billing date and due date; lower penalties; lower interest rates. I had an emergency operation and was about a week late in paying my bills because I could not use my computer in the hospital. I always pay my bills completely and on time to avoid interest charges and late feets. But that week I couldn't do so. I was only a few days late for the first time in years, but that week cost me over $100 in late fees -- more than twice the amount of my bill. Had there been more days between the billing date and the due date I may have avoided the late usurous late fee. Clearly the banks, not the people, make the rules. It's time for a change.

206 Posted by Shirl at 12/03/08 11:52 AM

I pay my bills off every month but what I do NOT like is that one month the bill is due on the 15th and the next month, on the 3rd. Some bills were coming every three weeks. The card companies should have the bills due at the same time each month and preferrably every month, not just every three weeks or so.

207 Posted by Gordon Bertrand at 12/03/08 11:53 AM

Dear Chairman Bernake:
Now that you and Seretary Paulson have bailed out the "masters of the universe", how about a little relief for the rest of us? We need major credit card reform to curtail the avarice that seems to be endemic in our banking system. What ever happened to the idea that an interest rate of 19.99% or greater was considered usurious and against the law? Both the Fed and our do-nothing Congress should act NOW.
Gordon Bertrand

208 Posted by Linda Thompson at 12/03/08 11:54 AM

Dear banks :

If WE the people go down, YOU the banks go down too (what goes around comes around....and greed is not a pretty thing to allow to run amuck, "for the harvest is sure to come.")

209 Posted by Bob Stine at 12/03/08 11:55 AM

Not only do the banks continue to raise fees, they continue to stall on posting payments and then charging late fees on the accounts.
While they are getting bailed out for "bad debt", they still continue to send cards unsolicited to people who can ill-afford them. Regulation is clearly needed to protect consumers. Banks have demonstrated that they absolutely cannot be trusted to monitor themselves.

210 Posted by Robert Kaussner at 12/03/08 11:56 AM

Dear Mr. Bernake,

In spite of the lobbying power of the commercial banks, their political clout, etc., it is high time to stop them from continuing to exploit the American consumer.

I (and millions of other Americans) have suffered enormous financial hardship because the government has allowed the credit card companies to severely abuse the American consumer via unfair, unreasonable, and exhorbitant rate increases and many other blatantly predatory practices.

I strongly urge you to stop their predatory practices by enacting and enforcing the Federal Reserves recently proposed new rules regarding predatory lending practices within the credit card industry.

211 Posted by Donald Hardcastle at 12/03/08 11:57 AM

It seems there are no rules for credit card companies. I have always paid on time and more than minium, yet the interest rates have gone up to a ridiculous amount. There needs to be a sensible cap to these interest rates.

212 Posted by Carolyn Olney at 12/03/08 12:01 PM

Credit card reform is much needed. Transparency of increased interest rates, fees and charges must be implemented to protect consumers from unfair costs.

213 Posted by Sybil Schlesinger at 12/03/08 12:08 PM

The financial system used to rest on the assumption that those who took a greater risk could reap a greater reward because they also faced the real possibility of a greater loss, along with the possibility of a greater profit.

Please keep the value of risk in reigning in our financial institutions and require that credit card companies accept their losses for extending credit to those who could not afford it.

As a mediator in civil suits, I have seen a credit card customers debt double in four years, which is legal. Once a credit card company takes a customer to court in Massachusetts, the company can only legally charge 12% (only 12%!!!) but this is half or less or what credit card companies can legally charge customers for their "loans"--up to 28% which is why the original debt can literally double in four years. We used to have a very pejorative name for this steep and unfair interest rate: usury.

Americans need to a clear understanding of credit cards and credit card debt--the true cost of purchases bought on credit cards when the monthly amount due cannot be paid. Credit card companies need to feel the pain of giving credit to customers who are not credit-worthy.

214 Posted by Christine Snyder at 12/03/08 12:08 PM

1. Start by decreasing the interest rates. Didn't there used to be usury laws?
2. Next, stop increasing the interest rates for people who are having trouble paying. It only guarantees that they'll never catch up.
3. Don't give credit cards to people who have little or no income. Of course they can't pay back that money they owe. Who can't figure that out?
4. Abolish penalties for going over the limit. We should be able to assume that if the amount was approved, it is within the limit.

215 Posted by MB BUCKLEY at 12/03/08 12:09 PM

Since I have done nothing wrong, PLEASE protect me from punishment(s) by the credit card companies. Pass the act!!!!!!!

216 Posted by Mike Mosca at 12/03/08 12:12 PM

Dear Chairman Bernanke,
Even before the present financial meltdown, consumer credit abuses by financial institutions were crying out for Federal Regulation. Fifty years ago, most states had Usury laws that protected consumers from industry sponsored credit exploitation at the State level. Since then, the Banking Industry and their financial allies have used their overwhelming wealth and political influence to systematically eradicate these legislative safety nets. While the Federal government had historically chosen to leave Usury legislation to the States, in 1980 Congress enacted legislation that exempted National and Federally Charted savings banks from State Usury statutes. Today, banks and financial institutions are planning to unilaterally jack up credit card rates and fees in order to bail themselves out of their recent monetary debacle. Credit card companies are implementing these increases even while taxpayer monies are being used to bail them out.
Please put and end to this arrogance of power by enacting the entire May 2, 2008 Office of Thrift Supervision and the National Credit Union Administration joint proposed rule (Regulation AA) that would define certain practices in credit cards and in overdraft loan programs as unfair or deceptive.

217 Posted by George Rotblut at 12/03/08 12:14 PM

Consumers need reasonable protections through regulations. Credit card issuers do what they want, fleecing the hard working Americans, while their CEOs and top executives draw unconscionable compensations on the backs of unemployed working people.

-Interest rates should be stated per month (stated annual rates are at times based on 13 month years).
-Banks should be required to give at least six months notice before raising fixed interest rates.
-Late charges should be based only on the amount owed on the date payment was due.

218 Posted by Marie Doman at 12/03/08 12:18 PM

I'm tired of banks getting to make up the rules as they go and being able to manipulate the customer at will

219 Posted by Ken Radford at 12/03/08 12:19 PM

I had made every payment early and my interest rates were increased based on "credit bureau" reports. I also had my Americna Express (AMEX)card canceled eventhough I had paid it off early every month and carried no balance. AMEX notified me of it a week after they canceled it eventhough I was denied charging on it a week earlier then notified.

Credit card companies are making money on fees and bait and switch tactics. Low interest or none in the beginning and then increasing it after they have you in debt and no way to pay it off entirely.

This needs to stop.

220 Posted by Kaen G at 12/03/08 12:22 PM

If I have agood credit history and pay my cards on time I should not be unfairly stuck with higher interest rates as those witt poor credit ratings. The banking industry needs to start treating us like "customers" again instead of siphoning off fees every time we use the banks ATM, write a check, carry a lower balance. It's absolutelty appalling!

221 Posted by Ann Clegg at 12/03/08 12:26 PM

We need to learn that living beyond one's limits always comes back to haunt. I lived during the Great Depression and did without when we didn't have money. Banks, credit cards have taken advantage of people and this needs to stop. There needs to be more control on financial institutions and individuals need to learn there is a tomorrow!

222 Posted by Herb & Eve Sowers at 12/03/08 12:28 PM

You must stop the outrageous interest rates that these so
called "companies" charge. Under any other circumstances
these "companies" would be considered criminal "lone sharks".

223 Posted by Darrell Gorman at 12/03/08 12:31 PM

Credit cards interest should never be over nine percent.

224 Posted by Wes Erck at 12/03/08 12:32 PM

Beware that credit cards (especially "business" credit cards issued to individuals) don't become the next sub-prime crisis.

225 Posted by michael f at 12/03/08 12:37 PM

The pattern of flim-flams, rule switches, and congressional-influence operation to make them legal, all together demonstrate that the banking industry culture has changed to one of thinking like thieves, instead of like professional handlers of other people's money. Responsibility should work both ways, with me being responsible for my end of each bargain and the bankers being responsible for their end. Merely thwarting the worst of the worst abuses will only serve to perpetuate the culture of thieves. We need a banking culture in which it is possible for an ethical and responsible money lender to survive and be competitive in the credit industry.

226 Posted by Garry Spencer at 12/03/08 12:38 PM

In 1994 my wife and I were disabled. our rent was $410 a month - the cheapest we could find. She was killed in 2000 and I moved to a smaller place. I had a credit card for emergencies. I always paid more than required and so got a good rate and high limit. Fast forward to 2008. My SS disability has gone up 33% My rent has doubled, my phone has gone up 30%, Electric up 33%, Medication is ridicules. (It took a 25% jump when the government said they were going to have a prescription benefit - I guess the drug industry thought they might freeze prices) Food prices have doubled. In short, I have a choice every month of food or medicine. I laugh at gasoline prices because I don't drive a car. (And most of the time don't have buss money) Now we get fuel cost adjustments on services. With job going over seas, the unemployment here is approaching 8% and I should feel lucky to have a roof over my head. However I had a growth removed from my neck and a kidney stone removed and now have maxed out my credit card, That was not enough and so If my SS check gets a judgement against It (As the bill collector from India has said) I will be unable to pay rent, and be homeless - I don't need Dr. Jack Kavorkian, I have an HMO! - I recall there was a country & western song in the '50s that had a line "If liven' were somethin' that money could buy, the rich would live and the poor would die ..." Welcome to the 21st century -

227 Posted by Daniel Zawadzki at 12/03/08 12:39 PM

How can you hold American citizens responsible for bailing out these credit card companies by footing the bill with our tax money then not protect us from being financially manipulated by the very companies we're attempting to salvage? Regulate the hiking of fees and interest rates by credit card companies and put an end to this hypocrisy.

228 Posted by kirk redmond at 12/03/08 12:41 PM

I know not everyone can do this but i did;i cut up my last credit cards in 1971.I`m not rich but i got charged for a late payment once and that was enough.I use a debit card and if i don`t have the money i can`t buy it.I won`t pay interest on anything ever again.it isn`t easy to pay off credit cards but once you do;it won`t take long to find out that you will have more money saved .I`m on a low fixed income these days so it`s hard to get by sometimes but i`m determend to never get another credit card.

229 Posted by E. A. Phillips at 12/03/08 12:41 PM

Why, if we sign a contract (or some sort of paper) do the credit card companies get to change the rules in the middle of the game? Why do they spend billions on advertising, bonuses, direct mailing, palatial buildings? Couldn't some of that be trimmed to lower rates for faithful customers? It's little wonder I only use direct debit and a credit union credit card.

230 Posted by Joe at 12/03/08 12:42 PM

I use credit cards regularly, and always pay on time. I never pay interest because I pay in full every month. Nevertheless, I've recently had interest rates substantially increased. I can see no reason for this other than banks assuming that they can get away with it and want the money. It certainly has nothing to do with me.

It's time to start holding top executives accountable for their actions. Executive compensation in public companies should be VERY substantially tied to performance. You make decisions that don't work out, you, personally, pay the price along with everyone else. Insulation from the consequences of decisions is a very bad thing.

Immediate credit card reform is a necessary first step.

231 Posted by Antonio E. Garcia at 12/03/08 12:45 PM

I pay my bills way ahead of when due. I always pay more than the minimum amount due. Yet, my interest rates are continuously being raised. We are being held hostage, we have no control. We are literally defenseless against all these predators.

232 Posted by Anthony P. Stanco at 12/03/08 12:51 PM

Having to request parity in this situation is ludicrous and says a lot for our national sense of fairness. What is fair and just for corporate America should also be fair and just for the American people! This is not the case and must be corrected now!

233 Posted by Jim Weirauch at 12/03/08 12:53 PM

A contract that one party can change at will for no reason==What kind of a deal is that?

We must hold these companies accountable to their commitments to their customers.

For our part, we must all severely limit C/C spending and pay off our debt to these shylocks.

234 Posted by Ray E Hogan at 12/03/08 12:55 PM

When is the Government going to let me put a printing machine in my home, so that I will be able to print money to pay all the bills that they, The Government, expects me to pay on my limited income and still feed my family?
Wake up.

235 Posted by Don Tufts at 12/03/08 12:56 PM

Excessive credit card rates should have been controlled 30 years ago, when they were first allowed. Since then their excessive profits have fueled one of Washington's most effective lobbies.
Their oppressive, but lucrative, traps, which spiral middle class families into poverty, have subsequently gotten worse and worse.
This must be stopped.

236 Posted by K. Johnson at 12/03/08 12:56 PM

I know it's wishful thinking, but, if you're going to give these financial institutions our money, with no strings, how about taking that money off the debt we might owe them. They'll still get operating cash and we could get balances down to affordability. That's probably the only chance we have of getting any benefit from this giveaway.

237 Posted by Rhonda at 12/03/08 12:58 PM

The credit card problem in America is multi-faceted. American consumers as well as the American government and credit card companies are all at fault. That does not, however, negate the problems with the system. The interest hikes, the bailouts, the economy problems are merely symptoms of a much larger, core problem in this country. It is a problem of perception.

Credit card companies, like most of corporate America, seem to believe that progress requires making more and more profit, expanding their business, growing larger and larger. But they are not alone. The American consumer has similar beliefs, always looking for bigger, better and more toys. And in order to have that bigger house, latest HD flat panel, or additional automobile, the American worker must make more money. It is a vicious cycle. The American government is made of up individuals from all groups, so it bases its policies on the same disasterous perception. This definition of progress has led our country to reckless spending in every area, and much of that spending, for the consumer, business, and government has come from incurring massive amounts of debt.

The fact is that we must stop. The government must stop bailing out corporations that are not fiscally responsible and use smart business practices. If my small business must live and die by its realk life cost/profit balance sheet, the same should be true for GM and Chrysler or any other major corporation, including credit card companies. If they cannot responsibly do their business, then they should not be in business. Period. The American government must stop bailing corporations who have proven that they cannot do business in a viable manner. I know of no small businesses who have been bailed out when they file for bankruptcy. They lose their business... period.

Rather than throwing away money by giving it to corporations to save jobs for those they employ, the American government needs to invest its money in helping each state create local jobs and green jobs, as well as for business start-ups with a solid viable business plan. If the corporations and credit card companies want money from our taxes, let them borrow it at the same interest rate that they want to charge American consumers to borrow money when using credit cards.

America cannot continue to spend its way to prosperity. I encourage everyone in America to do what I am doing: (1) I cut up the credit cards. (2)I am paying them off. (3) I am not incurring any new unsecured debt. (4) I am saving as much as I can now and I will increase as my cards are paid off. Having credit is not a sign of my worth.

Last, America must start seeing and measuring progress in a different way. I believe that if our government will measure what Americans value (access to health care, feeling safe in our communities, cleaning up our environment, doing meaningful work as well as other signs of well-being), our country's economic policy will shift towards creating a sustainble society, not one that grows bigger and hence more in debt by the day. What are we leaving our kids? Being fiscally responsible and creating a sustainable and just American economy is what where we need to put our energy.

238 Posted by Henry Hyde at 12/03/08 01:04 PM

Chairman Bernanke,

Implement the subject Credit Card Reforms now!! Stop dilly dallying! The Fed sure acted fast to give Wall St $700 billion. How about protecting honest working taxpaying Main St families from the scumbag banks and Congresspersons that violate our credit card contracts to buy stuff at certain interest rates. What kind of contract have you ever signed that allows banks to increase interest rates without any valid reason on purchases already made at the agreed upon rate? What kind of scam is this?? Are these unethical lowlife practices going to apply to current 30 yr "fixed" mortgage rates?? You G-men are suppposed to protect us vulnerable citizens from the fraudulent scumbag bankers and congresspeople.

Don't pass this taxpayer demanded reform off to Congress. These are the same lowlifes who are in bed with Wall St and got us into this mess to begin with. Representative Barney Franks is a prime example of deriliction of fidicuary public duty and responsibility to the taxpayer. He should be in prison!! There is no such thing as professional Congressional oversite. More like Overbite Greed!!

We DEMAND (we're not asking) that the Fed protect Main Street now when it counts!! Just do it!!

239 Posted by Patricia Hughes at 12/03/08 01:05 PM

Support credit card reform. Currently no one knows from day to day what their rate is or when it will go up further. Insanity.

240 Posted by John Riegel at 12/03/08 01:08 PM

Although I do not run a balance on my credit cards and have an excellent credit rating, the greed that exists throughout our society (including credit card companies) are what have wrecked our economy. Please address the problem that exists within the credit card industry, and fight to dramatically reduce the greed that exists.

241 Posted by Frank Morrow at 12/03/08 01:11 PM

Using a credit card has become a game of Catch 22 and Gotcha! The proposed new rules are a good start to re-balance this greedy, scandalously-rigged casino.
The banks got the Bankruptcy Reform Act, and the endless, no-strings, billion-dollar handout -- now it's time to give this long-overdue crumb to the rest of us. Please adopt these changes now.

242 Posted by D Buckingham at 12/03/08 01:12 PM

I do not have enough space or time to list the endless ways that financial institutions have squandered their customers' wealth and trust over the years. Every single bail-out dollar MUST be traded for an end to outrageous fees and the ability to raise interest rates they charge "at will". The unilateral use of "AT WILL" is unacceptable in any business transaction contract and MUST GO or no bail out.

243 Posted by David Baird at 12/03/08 01:13 PM

How about giving the consumers a break...we don't get a "bail out!" The banks and financial bunch just do what ever they want, when ever they want to manipulate fees and interest (read...increase. Pleas help to get remedial legislation enacted to solve this problem.

244 Posted by E. Kowalski at 12/03/08 01:13 PM

Some things never change i.e. the rich get richer and the poor get poorer.

245 Posted by Francis Peter Ardito, Sr. at 12/03/08 01:18 PM

My wife and I are retired. I operate a small business. We are used to operating on a 30 day billing cycle. We purchased a business item from the Best Buy store using their "Reward Zone" credit card. Upon receipt of the bill, we paid it within 26 days by mail. We received a late charge fee. I called their "Customer Service" department and was transferred to a manager; explained that the added late fee was outrageous. He said the payment was too late to meet their 26 day billing cycle. I was furious! The manager should he would waive the late fee on a one time basis. Guess what? Two weeks ago, I received a bill with an added late fee. I received a veiled threat letter about my by credit status being in peril. I wrote back a nasty letter of protest, paid them the amount, and told them to cease & desist. I won't use the Best Buy credit card again! Two suggestions: 1) Enact Federally imposed uniform billing cycles, 2) Enact Federally imposed Usury Laws. This is a disgraceful situation.

246 Posted by Ivan Berzack at 12/03/08 01:19 PM

Old fashioned honesty and integrity in business conduct seems to have given way to arrogance.
The chickens have come home to roost
and sadly to the detriment of many hard working
honest folk

247 Posted by Neil Hager at 12/03/08 01:20 PM

Not only are the credit card companies jacking up interest rates without warning, but they are doing it to people with good credit ratings and who pay their bills ontime! In addition they are lowering credit limits and canceling cards without any warning. You get a letter in the mail after the fact!

This needs to be corrected now!

248 Posted by Amy Dukart at 12/03/08 01:30 PM

We need you to put in some regulation on these preditory credit cards! Greed is running our country down, look at what has happened without proper regulations. I believe a limit of 10% is more than enough for a good profit margin for all credit cards. I wish my savings got a 10% return!
Enough is enough with the ramant greed!!!!

249 Posted by Linda at 12/03/08 01:38 PM

This is wrong and eventually we will all have to pay even more when our country is reduced to a race of impovished debtors. I pay my bill in full every month but I am not in average circumstances and quite frnkly if my health or the health of my family is compromised I will be in the same trouble that I see so many of my neighbors are in happen to me. What would I do? As an older person I have no reason to care and I will just walk away like the big corporations do. Multiply that by millions and what will you have left? Even criminals know that if you squeeze too hard and a person has nothing left to lose there will be no profit.

250 Posted by Alice Goss at 12/03/08 01:41 PM

I noticed all the interest rates on my cards go up in the last two years even where I had fixed rates, even with good credit. In some cases I was issued new cards and almost every month the credit card companies send a small pamphlet with tiny print that usually says "change in terms". Who is going to read this every time and when you do try it makes little sense. I realize since I owe them money there is not much I can do. I always think this is certainly something to their advantage. The credit card companies sometimes offer lower rates for transfers however, when you look into it the transaction fees are often more than 2 or 3 present. I asked about one offer and was told the transaction fee was based on the amount transferred and not at a set percentage! This was recently and so they could charge 5% or whatever they want to. If you take an offer and have any balance on the card you could be paying very high interest because the higher interest balance is paid last. I learned that the hard way. I like most Americans have some debt. I watch very carefully, pay on time, but I have seen rates change on the next billing. It is unfair and once you have a balance you are at their mercy. The advertising is geared to use the cards and pay off your bills, buy what you want with the enclosed checks but it all adds up to uncertainty as to what rates you will pay on your next bill. I pay the bill ASAP in fear the mail could arrive late causing a high late charge and perhaps double my interest rate. I worry every month that the payment gets to them and that it is there on time.

251 Posted by H. K. LUMPKIN at 12/03/08 01:41 PM

I'M TRING TO PAY OFF ALL MY CREDIT CARDS AND SINCE I'VE TRIPLED WHAT I PAY MONTHLY THEY HAVE RAISED MY INTERST RATE FOR NOTHING. JUST SO THEY CAN GET MORE MONEY BEFORE I PAY IT OFF

252 Posted by David Schatz at 12/03/08 01:52 PM

It is not, never was and never will be the responsibility of the Federal government to bail out irresponsible CEO's from their reckless money-mismanagement. The Big 3 have overpaid CEO's - maybe a huge salary reduction would help some. As for the banks - that's their own problem. When the average citizen gets in trouble, they are on their own - which is fine, since it's their own fault for using thier credit cards. However, the percentage rates that these credit card companies charge is outragous. It makes paying them off nearly impossible. This isn't right. This needs to be fixed now. Lastly, stop the endless "bailouts". We, the taxpayers, have to pay for this and that isn't right. Can you say "taxation without representation"?

253 Posted by Cary Conover at 12/03/08 01:52 PM

Ok.

1. The Public is a willing participant here. The Public YOU and ME need to be much more responsible for our own financial state of affairs. That means making payments on time and not incurring the charges for the late payments.

2. The Financial Institutions need to be held more responsible for the reprehensible behavior whem payments are receieved that were post marked and in their system, yet they were NOT posted to the accounts. Yet because they took their sweet time processing the payments we become responsible for a late fee that is a charge for their lack of being responsive in a reasonable amount of time or not keeping track of when payments are received in their facilities. Technically the payment is not late when it is Their Fault for not immediately posting received payments.

3. The Credit Card holders that have held cards for a period that preceeded the financial failures should not be held liable for the financial institutions failure to hold liquid their financial systems. This is a failure of the system not the credit card holders. Thus the Credit Card holders should be Immune from any remedial actions as the Credit Card Holders are not the direct cause of these issues.

254 Posted by Joe Naftel at 12/03/08 02:03 PM

If the *bailout* can include the likes of Goldman-Sachs, there's no question in my mind that it can also include the average American consumer who has been subject for years to unscrupulous and nefarious tactics of the credit card companies. It is far past time that we that take care of the people with jobs, as I'm fairly certain those with wealth can fend for themselves.

255 Posted by Margaret Kennelly at 12/03/08 02:03 PM

The practice of charging a penalty when payment is due on Sunday is a rip-off. Unless the bank/institution is open on that date, there should be no penalty. This is just another form of thievery on the part of the credit card institutions.

256 Posted by CLARA BIELECKI at 12/03/08 02:07 PM

I've read the above comments, agree with them and know I have nothing really new to say but I want my two cent's worth anyway. I'm 71 years old living on a fixed income. I've always paid my cards on time and have a good credit rating. But the companies raise the rates for no reason and I find that most of my income is going to fat businesses that are insatiable. I can't afford to live like this any more. Please help us out, the people, instead of making us pay for their greed and stupidity.

257 Posted by Tony McGuire. at 12/03/08 02:11 PM

Time to pay back the people who Pay you Tom. The tax Payers of this country. Main Street time.

258 Posted by John Taylor at 12/03/08 02:15 PM

Chairman Bernanke, Please do not allow credit card
companies to raise interest rates to cover their
mistakes and high Executive bonuses. It is time for
the working man, the back bone of this country, to get a fair shake. When we are completely broke, who is going to carry the ball then?

259 Posted by Fran at 12/03/08 02:15 PM

Best to stay away from Credit cards entirely. It is a crime the way they treat their customers. If continuing to operate, they should have strict government rules, as to interest rates, fees charged, etc.

260 Posted by JR at 12/03/08 02:19 PM

Recently, credit card companies and banks have significantly increased their rates and fees to customers with excellent credit history. I recently received correspondence from AMEX about a significant rate increase on my credit card which I believe is totally unjustified given the current economic conditions in our country. I have a FICA score exceeding 800 and believe that credit card companies and banks that were bailed out by American tax payers continue to increase rates excessively to the determent of tax payers. This matter requires immediate attention and action from Congressional legislators.

261 Posted by sy hakim at 12/03/08 02:22 PM

What else to add after all of the analysis and diagnostic comments already printed.. ....oh yes!!! stop screwing with the American Public!
Is there no integrity left in this government?? No sence of fairness or justice??
No simple understanding or decency...

262 Posted by Ade;e Bender at 12/03/08 02:23 PM

If used to the best advantage like having enough money to pay it off in time and being able to use it as a delayed payment for about a month, it can work for some. However more often than not, it is used because people do not have enough money to pay for food at the time they shop, or sometimes for a catastrophic illness or for an unexpected high bill for a car repair or even for a funeral - and that is where they get you. Most people try not to use their card in a frivolous manner and for those who do, they need to be better educated about finances. Having said all of this, the banking industry has got to be reigned in. The credti card abuses have got to stop. It is the worst for people that have no or a small savings account so that they can use some some money from their accont to get rid of the debt with its outrageous and convaluted finance and interest charges. S3252 will make it fairer to the consumer. Tell your U.S. Senator.

263 Posted by Robert von Tobel at 12/03/08 02:37 PM

Credit Card Companies (Banks, etc.) must be punished for aggressively marketing cards to unemployed and other low or no income people, children, students, et al. When they do that the card holder should be freed of all fees,interest, credit rating penalties, and payment due date requirements until the cards are paid off and cancelled.

264 Posted by Nancy R at 12/03/08 02:44 PM

Chairman Bernanke - This highjacking has gone on too long. THE TIME IS NOW to reform the banks' raping of credit card customers. Since the Feds have stepped in to save the banks it's up to you to take charge of this reprehensible situation.
I have already written to my New York Senators concerning the credit card reform bill.
DO SOMETHING GOOD FOR THE MIDDLE CLASS AMERICANS!

265 Posted by Christopher Whittum at 12/03/08 02:46 PM

The interest rates some banks apply to credit card accounts are astronomically high and hurt people who had to use the cards in the first place because they didn't have sufficient liquid assets to pay cash in the first place. If this isn't enough exploitation, the big banks now expect the people to pay for the indiscretions of their overpaid CEOs. If my tax dollars go to bail out these new age highwaymen, I want some accountability. There should be guidelines clearly identifying what practices are unethical and what the repercussions would be, otherwise, the problem will be continuous. These repercussions should probably be taken out of the pockets of CEOs to help pay for any bailouts. Furthermore, there should be guidelines that regulate how financial losses are handled. I'm tired of hearing about thousands of hard-working people being laid-off while some CEO debates whether to spend Christmas at jis bungalow in Malibu or his chalets in the Rockies.

266 Posted by John White at 12/03/08 02:47 PM

m self-employed and things have gotten tight; slow payers are even slower and new accounts are rare. Having credit card rates soar to 30% just because you are late once does not help the situation; it only makes it much worse. Rates like this should be outlawed as usury as they once were. We, the consumer and credit card holder, are desperately in need of protection! Reasonable interest rates and fees are important.

267 Posted by George Carpenter at 12/03/08 02:48 PM

Chairman Bernanke,
At a time when millions are losing their jobs, their homes, their savings, and their hope, and at the same time, AIG is giving half a billion dollars in bonuses to their failed executives in a failed business in which they gladly grabbed a barrel-full of the money the rest of us (including me, on a fixed income) doled out to them, and economic disaster rains on us, don't we, the real people in America, deserve at least one fair break? Please stop this ripoff of regular folks by the banks and credit card companies. Please require them to stop this rampant increase of rates and fees.

268 Posted by Wayne Martin at 12/03/08 02:52 PM

There needs to be a limit on credit card interest rates. No one can afford to pay more than 16% interest.

269 Posted by Rev. Mr. Frederick B. Jones Jr. at 12/03/08 02:54 PM

I strongly support credit card reform. Bad credit is responsible for the current economic crisis that we are presently experiencing. The credit card companies are luring people in to practice bad credit. There needs to be legislation to govern and control their conduct. Any money the government offers to any profit making organization needs to be with a guarantee that the tax payers will be compensated for the advanced cash. This could be in the form of loans at the market rate of interest, or by an owner's stake in the form of stock until the money was repaid. Any company who is paying their CEO obscene amounts of money as compensation should be denied any bailout money.

Deacon Frederick B. Jones Jr.

270 Posted by Larry Siglin at 12/03/08 02:58 PM

I find it very interesting contracts are written daily, yet, there are no contracts written allowing the seller of a service or product to change the terms of the contract at a moments notice. I would love the option of modifying my contracts daily to benefit me due to a change in the weather or maybe a earthquake in New Zealand or some other innoquous event the credit card industry uses to justify their greed.

How many people signed credit card agreements withour the basic education to understand all the terms and conditions the credit card issuer imposes upon their clients? Online payments have become as common as "in person" or "mail" payments; however, the credit card industry imposes a "hold" on these payments for XXX number of days which in some cases, causes the payments to be classified as "late"; thereby, allowing the imposition of late fees and increases in the rates and terms of the credit card account. Further, if you live on the west coast, your payment mailing address is on the east coast and the reverse is the same. This allows the payments to get "hung up" in our overly efficient mail system, allowing incursion of late fees. Plus, whatever happened to usary laws? How can anyone justify up to 39% rates of interest and not be legally classified as a "loan shark"?

If only I could get away with these horrific business practices and remain a viable and profitable company. Sign me up!

271 Posted by Craig Carpenter at 12/03/08 03:00 PM

I agree with most of the comments above. What burns my butt is the car industry bail out proposal. I don't see them selling any cars at or below cost like many other retailers. It seems to me they could make a lot of money if they got rid of all the cars already manufactured, even if only at 75% of cost.

272 Posted by Lynne at 12/03/08 03:00 PM

I especially hate double cycle billing. Even though I pay off my balance, the next month they charge more interest! And it's not like you can survive without having a credit card. You need one to rent a car, and it's not advisable to use your debit card when you buy on the internet. These credit card companies and banks have our wagons by the wheels! And with the fees and interest they charge, I can't see how they even NEED a bailout! STOP IT NOW!

273 Posted by Roger Crawford at 12/03/08 03:01 PM

I have a credit score of over 800, am never late with a payment yet Citibank has upped the interest rates on my account. The fact that I won't have to pay them because I pay on time is beside the point. They don't even want to give their good customers the courtesy of leaving the rates at what were already excessive levels. They got themselves in trouble with their reckless business practices and now they want the innocent to help bail them out. And while we're at it the egregious practice of soliciting additional cards with the bank you already have a card with is Preposterous. THEY KNOW FULL WELL THAT ADDING ADDITIONAL CARDS WILL HAVE A NEGATIVE EFFECT ON YOUR CREDIT RATING WHICH IN TURN ALLOWS THEM TO UP YOUR INTEREST RATES.

274 Posted by shelia at 12/03/08 03:14 PM

I pay my credit cards on time when due.It is so unfair for the banks to overcharge by increasing my interest rates to a point that it's getting harder for me to keep up with payments.Something really needs to be done about it.Stop the price gouging.We are all stuggling to survive through this RECESSION!

275 Posted by Cynthia McWilliams at 12/03/08 03:15 PM

Predatory lending (of all types) should be regulated out of existence..and public education should address consumer issues, so that fewer are vulnerable

276 Posted by Margie Hunter at 12/03/08 03:23 PM

The American public gets fleeced twice...once bailing out the banks who made horrible lending decisions with taxpayer dollars and again as the banks raise interest rates on personal credit cards. These high interest rates are being used callously to cover their irresponsible behavior in other areas and will only serve to punish good paying customers and further dampen the economy. Banks need stricter oversight to protect them from themselves and to protect the consumers from their abuse.

277 Posted by susan at 12/03/08 03:27 PM

Regulate the evil financial institutions, for God's sake! Our interest rates keep increasing (without explanation), and it is impossible to get out of credit card debt. Please help us -- this is the best way to stimulate the economy!!

PEOPLE before CORPORATIONS!

278 Posted by Lilly at 12/03/08 03:28 PM

There should be an immediate return to the regulation enacted during the Great Depression which kept financial entities separate from each other. No more real estate deals which include a loan or other financing... and a huge kickback/commission to several individuals partaking in the transaction (Caldwell Banker comes to mind but there are others).

Remember when there were caps on the interest rate that could be charged? Remember when there were no greedy/dirty deals done on real estate purchases? The regulation which protected us was overturned by the Gramm/Leach/Bliley Act under CLINTON (all of whom made millions on the deregulation).

I did not vote for Clinton (either), Bush (either), or Obama although I am a woman of color. I was vocal in being against Paulson and the bailout. There are more tha 2 MILLION of us regular citizens who are at least 18 and can or could vote. I very much encourage people to start calling their congresspeople and Senators to voice their complaints - and vote these people out. It is totally ridiculous that these representatives of the people make almost 200,000 per year but cannot be bothered to read what they vote for or have sufficient oversight!

You do not have to be articulate to make a phone call. Use Google and search (name of politician) (telephone) (contact) and you will get their details. You can always call 202 456-1111 (whitehouse complaint line) if you do not like Google.

Paulson
Bernanke
Gramm/Leach/Bliley

279 Posted by Thomas J Sullivan at 12/03/08 03:34 PM

Tell them to stop changing the rules after the game has started. If a person decides to not abide by the new rules and opts out he gets penalized with his crdit rating this is a disgrace What gives them the right to raise interest rates even though you had no
late charges, I feel that sometimes the banks don't want customers who are never late they can't make extra money.

280 Posted by John D Smith at 12/03/08 03:43 PM

Banks have become impersonal loan sharks. Interest rates, fees and charges have become a basic part of their profit strategy. They prey on those poor souls who cannot manage their money. They entice the gullible with bold large print advertising while hiding the real cost ramifications in voluminous small print legal jargon.

Now, they want the same poor souls to bail them out. Don't do it! Bail out the blind innocent card holders they have prostituted.

281 Posted by Mary Kirikpatrick at 12/03/08 03:55 PM

Please start regulating banks as they were regulated in the past. I worked in banking in the 80's when people had to meet certain criteria in order to have credit. Now, because of big bank lobbyists, banks use unwise lending practices because they know the taxpayers will be forced to back them up. Taxpayers are being used to help big business make enormous profits and have little responsibility when their practices fair. We will not put up with this forever.

282 Posted by Kathleen Williams at 12/03/08 03:57 PM

The wealthy (companies) are making a high profit off of credit card holders. Our bureaucrats have passed the Free Trade Agreements and Americans lost job. Our senators can vote themselves pay raises, secure pension and supreme health care plan but what are they doing for Americans with credit card debt? Again we have taxes with "no representation" this time in Washington.

283 Posted by BARBARA WILLIAMS at 12/03/08 03:59 PM

We must have fare and honest credit card contracts that don 't have hidden costs that are unknown by their customers. Most people can't trust businesses and must keep up with their credit card bills to see if there are changes.

284 Posted by Marvin Thomas at 12/03/08 04:03 PM

There is no excuse for the interest rates and fees credit companies charge. They are just government supported loan sharks.

285 Posted by Johnny at 12/03/08 04:16 PM

Why not give the taxpayers the money to payoff their own credit card debt, since it is our taxpayer dollars that we are already giving up for these bailouts. Once we payoff these debts we won't need to worry about having the banks rip us off or how they use the money since our debts will be paid. Give us the right to file for bankruptcy like we used to so we don't face the problems we currently face.

286 Posted by Charles Ross at 12/03/08 04:19 PM

This need to be fixed 5 YEARS AGO!

Banks don't need bail out; they need competent management; no rewards for failure and bad business decision (verging on fraud).

We need caps again on credit card interest rates; banks need to ride out their mistakes and fix them; not throw the bill onto the backs of consumers.

287 Posted by Lisa at 12/03/08 04:24 PM

It's time to help EVERYONE in the U.S. where credit card debt is concerned. Please make sure that the average u.s. citizen is also helped by ensuring that the credit card companies/banks will no longer be allowed to arbitrarily increase their rates. PUT THE REFORMS IN PLACE. I've been with my card company for over 20 years & a good paying customer. They recently raised my rate 6% on one card & 10% on another. I called them and (this time) they changed it back, but what will happen next time?!

288 Posted by Phyllis Schoen/ Fred Schoen at 12/03/08 04:26 PM

We see no need to elaborate on what those ahead of us have said. Please do your job NOW!

289 Posted by Ann at 12/03/08 04:27 PM

What's the next word up from usury? Credit companies have received a bailout to be paid by us, the taxpayers, and in response have jacked up interest rates even further, not to mention any other tactics they can think of. People are really getting mad and someone needs to fix this before we get a groundswell together and oust those who are not helping the TAXPAYERS through this crisis.

290 Posted by Bob C. at 12/03/08 04:29 PM

It's high time Congress regulated these "preditory" credit card companies!!!!!

Institute tough usary laws

Stop the Greed

IF you're bailing the banks... the least you can do is help us out!!!

291 Posted by fcrandall at 12/03/08 04:35 PM

The banking industry cannot realistically expect to rob us twice. Once by their obscene rates and practices and second because they are relying on the "little people" to bail them out. Now is the time to hold the banking industry responsible for their criminal behavior and bring about the reform that is long overdue.

292 Posted by Gil at 12/03/08 04:41 PM

Yes sir! I also ask that Credit Card Companies / Issuers be controlled. Interests rate increases to 24%, 27% or 31% are riduclously similar to the local loan sharks we have heard about or seen in the gangster movies. These companies are aware of the desperation of their customers. We have had excellant credit rating. we paid our bills on time. Suddenly our income is cut nearly in half. Partially due to slow downs in every aspect of business, and partially due to formerly good paying clients not paying their invoices on time or at all. We have been in business for over 11 years and never had to resort to issuing monthly statements because our clients all paid in a timely manner. We listened to the experts and erroneously used our credit cards to temporarily get by. Large mistake!
I am a businessman! I understand the neccessity of a profit! However, holding us hostage to re-create the indentured servant is criminal and should be addressed. If not by our duly elected government representatives, then perhaps by an uprising of the people ourselves. If we stop using the credit cards, I know they will be forced to change their methods or business practices. FOR THE PEOPLE, BY THE PEOPLE, OF THE PEOPLE! Remember the phrase: UNITED we stand / DIVIDED we fall!!!

293 Posted by Bruce at 12/03/08 04:45 PM

Congress should be considering a "loan shark" act that will curtail the arbitrary actions the credit card companies inflict their card holders with. Such as: unwarranted increases in interest rates, excessive fees, fees for "service" not previously charged for, arbitrarily shortened grace periods for payments, and payment due dates that have been altered so that a payment cannot be rendered until after the due date has passed.
There are more that I could list but I believe that you get the idea. Also, do not bail out the credit card companies. They have gouged their card holders enough. There is no need or excuse to allow them to gouge the entire population of America.

294 Posted by Jerry Patrick Ritchie at 12/03/08 04:50 PM

We the people know the credit card companies are starting to maneuver Congress to get in on the bailout money and that some of the congressional people are even helping or encouraging them to do it, for their own political gain.
Well congress needs to be reminded in two years a whole bunch of them are going to want to be re-elected. So congress needs to cut out all the crap the credit card companies are allowed to do, this is even after congress pasted silly little reforms earlier this year to make it look good to us voters.
Pat Ritchie

295 Posted by Ray Rheault at 12/03/08 04:58 PM

Please require that the credit card companies CLEARLY disclose SEPARATELY and IN CLEAR TERMS anytime they make changes to the financial terms of their credit cards (grace periods, interest rates, late charges, etc.).

I cannot tell what my rate would be on some of my cards unless I make a partial payment; some cards cannot be paid on-line without a lot of effort.

When you have a large car or home repair/medical bill to pay you'd like to be able to find out what EXACTLY the interest rate is on each card you hold, in case you need to carry a balance.

Also, all cards should be required to have a SECURE internet presence where you can read and pay your bills (and avoid late charges and service fees), rather than be forced to make a call to the credit card company (which will no doubt take a minimum of 15 and frequently more than 30-45 minutes to complete, not to mention the sales pitches you'll get and have to fend off).

These banks are trying to make money from dubious fees to compensate for their bad business decisions elsewhere.

Ray Rheault
Bowie MD

296 Posted by Louis A. Carliner at 12/03/08 05:00 PM

It seems that history will be repeated upon failure to LEARN from history. Predatory mortgage rates and practices ultimately caused collapse of debt soundness. It is time for the Federal Reserve System and Congress to take heed and banish current credit card company practices PROMPTLY or otherwise risk the loans becoming worthless. Unaffordable and unfair practices will lead to massive increases in personal bankruptcy among even the best and otherwise sound customers!

297 Posted by Gerrie Blum at 12/03/08 05:02 PM

Chairman Bernanke,

As with the mortgage situation, consumers and the credit card companies are engaged in asymetrical conflict. The consumer is at a distinct disadvantage, especially when the terms of the contract can be changed at any time for any reason without any notice and the consumer can do nothing about it. This is just plain wrong.

I thought we got rid of usury years ago.

298 Posted by Dale Armstrong at 12/03/08 05:12 PM

As a retired federal employee, I resent the failure to properly regulate the credit card industry. People who call themselves regulators give government in general a bad name when they do nothing to help the citizens.

299 Posted by Richard Stiles at 12/03/08 05:20 PM

If you want to help the consumers and this economy then stop Banks from raising credit card rates especially to those who pay their bills on time.

300 Posted by peter gardiner at 12/03/08 05:21 PM

In 1980, Congress passed the Depository Institutions Deregulation and Monetary Control Act exempting federally chartered savings banks, installment plan sellers and chartered loan companies from state usury limits. This legislation effectively overrode all state and local usury laws. It is now clear that the removal of restraint on interest rates was a grave mistake. What Congress has done, it can - and in this case, must - undo. Also, allowing the limits on charges for common bank services to depend on the origin of the bank's charter makes no sense. Congress should create overriding Federal limits on all common bank charges. In reply to the chorus of howls from the banks about the perils to their profits of runaway inflation, the federal limits on charges could float according to the CPI or other designated inflation measure.

301 Posted by twosmom at 12/03/08 05:22 PM

It seems a given that if yu have a lot of money and power, you will get everything you want. The big businesses that caused this recession are laughing in our faces because they got their bailout, financed by the middle and lower class taxes. Our Grandchildren and great grandchildren are going to be paying for their excesses for generations to come. Those big shot should be made to step down from their lofty perches with no golden parachutes nor large retirement payouts. They don't care for the people who pay the bills, so why should we care for them. What ever happened to usury laws.

302 Posted by Carol O'Neill at 12/03/08 05:34 PM

It is _perfectly_ reasonable to make it so they can't charge a late fee until the account is 30 days past due, or at least work with somebody who won't get paid until 2 days past the due date. The contempt they show low-income folks living from paycheck to paycheck is appalling.

303 Posted by Ralph Rucker at 12/03/08 05:37 PM

Eliminate preditory credit card practices NOW. It is the least you can do with the tax payers bailing out these corrupt Banks. Limit interest rates and bogus charges.

304 Posted by W. Jerald Cole at 12/03/08 05:42 PM

The last round of credit card "reforms" were all aimed to help the banks. It is time to even the playing field. These reforms are in the best interest of the consumers AND the banks.

305 Posted by Robert Joseph Rineer at 12/03/08 05:43 PM

The credit industry has shown no restraint in encouraging people to mortgage their future. It is time to bring order--even at the expense of profit.

306 Posted by Brian Delaney at 12/03/08 05:51 PM

Deregulation of the financial institutions has not created healthy competition. Instead we have monopolistic opression. Banks are charging excessive fees and very high interest rates, even for those with very good credit scores. In return, the interest earned on savings and checking accounts is almost non-existent. To top it off, the Fed gives banks practically free money to run their business. The Federal rescue seems to only be creating bigger banking institutions. Why should the government reward poorly run companies? Laws should be passed to put limits on these banks to protect the consumer. It seems that the high fees and interest rates are only there to cover poorly-run institutions wasting money left and right. Even the profits that should be earned are not passed down to the stock holders and the employees. Instead everyone's retirement accounts have suffered because the stock prices of these banks have plummeted. I think the poorly-run banks should be allowed to fail until only those institutions that are run well and serve the customer as they should are the only ones left standing. Thank God for my credit union. At least it is one financial institution that is run well.

307 Posted by DEAN HOWE at 12/03/08 05:53 PM

wE WANT CREDIT CARD REFORM.

308 Posted by Ron Miller at 12/03/08 05:59 PM

Whatever happened to the concept of USURY? When congress allowed rates to be set by states it was a financial windfall for Maryland and S/N? Dakota which are benefiting from unconscionable exploitation by greedy CC companies. They must be re-regulated at the federal level despite the incredible political fallout of withdrawing current state right. Washington: do your damdest to bring reason back to the credit system.

309 Posted by Mike Mosbarger at 12/03/08 06:06 PM

We need to bring back usury laws. There is no excuse for charging more than 16% interest for anything.
We also need to enact laws regarding the use of credit history information, it should be used to aprove or deny credit ONLY. Never to set rates interest rates, set car insurance rates or for hiring.

310 Posted by Laura Jobe at 12/03/08 06:08 PM

Credit card companies need to be regulated. Every time anything is deregulated it costs the consumer. The credit card companies are robbing people blind and making it impossible, if not almost impossible, for the average American to keep up with their debt. Personally, I don't think anyone should be allowed to have more than 2-3 credit cards at any one time. It is a shame that this country's economy depends on credit. I can remember a day when it wasn't like that except for homes, cars and Sears.

311 Posted by Jerry McNamara at 12/03/08 06:13 PM

Credit card rates would have been considered "usury" until a few years ago when the banks paid politicians dropped regulations forbidding this practice. Since the credit card holding consumers are now bailing out the banks for their bad decisions it is time to put some brakes on the rates. If banks then do not want to issue cards to some consumers that is their decision. STOP abusing the consumers PLEASE.

312 Posted by Joe Chasse at 12/03/08 06:20 PM

The Cheney "administration" told the regulators to back off in every case and every place. The regulators did as asked of them, as appointed hacks by the criminals in the white house. I AM CALLING FOR REAL JAIL TIME for those involved in the greatest ripoff of all time.

313 Posted by D Penkava at 12/03/08 06:23 PM

Why are you giving the banks all this money without some agreements from them on lowering excessive credit card rates? Your lack of negotiating with them on rates is driving us deeper in debt. Please help the country and its citizens as much are you are helping the banks.

314 Posted by Allen Vaughn at 12/03/08 06:25 PM

Please put a stop to this craziness. Creit Catd reform needs to be enacted now!!!!

315 Posted by lloyd at 12/03/08 06:38 PM

Change the law. Limit the interest rate to 12% and remove the onerous late fees currenty piling up billions in additonal cash that raise the APRs.

316 Posted by Lee at 12/03/08 06:42 PM

Excessive late fees and fine print on the back of statements are just a few of the unethical methods banks use. Due dates on front of statement should be entire day - in small print on reverse of statement: by 9:00 AM. I could list many more ripoffs; however, you know tham and don't do anything about it. Please change your ways.

317 Posted by Arthur Forrest at 12/03/08 06:43 PM

The big banks are thinking only of themselves and not of the human beings who make up their customers. There is no consideration of people. Executives sit at their desks and think only of how to make money without regard to what effects it may have on a real person. This, unfortunately, makes them less of a person. Indeed it makes them into machines without souls.
They must not be allowed to do what ever they want to do. They require close supervision.

318 Posted by Jean Chapman Snow at 12/03/08 06:57 PM

I will be 85 years old tomorrow. I have $6,600 in
savings. I get $742 a month Social Security. My income from investments has been about $265-$300 a month, and God alone knows what it will be in the next few months. I have only Medicare, so must pay for dental care from my savings (I'm lucky I have teeth that need care, eh??). An overnight emergency room visit last year cost me over $1,000 out of my pocket.
You can imagine how sorry I feel for the CEO's with their huge salaries, pensions, private jets and millions of dollars safely socked away from being taxed.

Sounds like Marie Antoinette and her spouse to me: "The people don't have bread? Let them eat cake!"

"The people are struggling to pay mortgages and goods they need? Raise the interest on their credit cards.!

Isn't it time to help the majority of working people and not the billionaires at the top?

319 Posted by Merle Cohn at 12/03/08 06:58 PM

The credit card companies are out of control. They can charge whatever interest rates they choose whenever they choose. This is totally unfair and nonsensical. It has to stop.

We have one card that we have had for longer than I can remember. The interest rate on our last bill was 9.76% - high, but not outrageous. Days after receiving that bill, we were notified that as of September 17, 2008 (the notice was received the end of November), our rate would be 14.99%. We called the credit card company, finally got through to someone who had authority to change rates, and talked the rate down to 5.99% for nine months. Hopefully regulations will be in place by then to prevent them from raising the rate even higher than 14.99%

Please pass credit card reform NOW. We need a bailout too!

320 Posted by Paul R at 12/03/08 06:58 PM

We used to call these exorbitant credit card interest rates USURY. Why is this word out of favour? And why are our regulators blind to it? Is there anyone out there looking out for the serfs and plebeians?

321 Posted by Charles Beierle at 12/03/08 06:59 PM

Why bail out the Financial world and then allow the to enhance their balance sheets on the backs of consumers???

322 Posted by Julie Stockman at 12/03/08 07:02 PM

It is way past time for members of the corporate and banking communities to have to experience negative consequences for poor management and poor performance. Instead, its seems that the only consequences of their bad management and performance are to us, the consumer. They continue to get big bonuses, big perks, big golden parachutes, and now a big bailout. It’s enough that we will be paying for their mistakes with the big bailout. That they also want us to pay with bigger interest rates is despicable. It should also be illegal. I think it’s fine for a difference interest rates based on credit history – there must also be consequences for using credit irresponsibly. But there must be limits. The banks and credit companies need regulation and usury laws need to be reinstituted. Additionally, bail out money should only go to companies that are willing to overhaul their reward systems and spending. No more big golden parachutes, no more big bonuses, no more flying on private jets, etc., as the company goes under. And no gouging the consumer with elevated interest rates. Let’s put consequences where they belong, with the people responsible for the mess.

323 Posted by pam at 12/03/08 07:08 PM

what ever happened to a government-"of the people,by the people, and for the people"?????

324 Posted by Jon Hornback at 12/03/08 07:11 PM

Capitol One said I 5 days late twice and raised my rate 28.9% after of $300.00 in intrest a supervisor ammited I was not late ever.
Then refused to refund the $300.00 in excess intrest and late fees.
I had no choise but close the accound and forget my $300.00.
These people are dishonest sharks praying on people who can't fight back and they know it and so do you.
Jon Hornback

325 Posted by Kelley Dukes at 12/03/08 07:25 PM

I want a goverment that looks after the american consumer. This goverment looks after business. I want a change. The bailout was another bush and company skam. congress the butt kissers went along with it. We are doomed.

326 Posted by David Wallace at 12/03/08 07:31 PM

I remember about a year ago the financial institution servicing my Master Card notified me they were raising my interest rate from 9.90% to 16.9%. When I called to protest, saying that I had NEVER been late paying, plus having a credit rating of almost 900, they merely told me it was a "business decision". A few months ago they came calling with offers to lower my rate to 7.9% (which I accepted), and to give better rewards. Maybe this is what the government needs-- to tell these companies to offer customers better rates and services to improve their bottom lines.

327 Posted by Helen at 12/03/08 07:32 PM

It is time we do something to help out the Taxpayers and citizens of America. Why are we always giving the ceo's and investors big checks and not helping the average citizen cutting down on their credit card interest rates. This is going to far with these financial institutions and it is time you do something about curtailing and rise in interest on credit cards.

328 Posted by Robert Muir at 12/03/08 07:41 PM

At first I felt like I was being robbed. My money taken and given to thieves. Now I feel like something much worse is happening to myself, and others like me at the lower end of the economic food chain. How can you justify giving all that money to businesses that do not have the sense to adapt with the changing times.
I suggest that you take the bailout money, that was given to AIG alone, and divide it among ALL citizens 18 and over. Even after taxes (30%) each person 18+ would get around $500,000. Now that would stimulate buying in this economy.

329 Posted by Gail Rice at 12/03/08 08:17 PM

The credit card companies already received one bailout in the restrictive bankruptcy code changes...enough is enough!

330 Posted by Lisa Payne at 12/03/08 08:18 PM

This nation and indeed the world has suffered partly because of the changes enacted by Congress and Executive Orders. Weak oversight, rampant abuses of millions of customers not clear or truly aware of the terms they'd agreed to (truth in lending in 4 point or smaller fonts?) and lax verification of lender's ability to afford the additional debt have helped us get into this mess. Now it is time to clean up the mess, enact fair, clear terms, reestablish government oversight and regulations protecting the public. Now is the time to end the industry's gluttonous era of preying off consumers.

331 Posted by Sara Atkins at 12/03/08 08:21 PM

How about bailing out the little guy instead of the fat cats for a change? The banks got a $780 billion bail-out. Instead of buying up the failing banks, they are hording the money, and buying up HEALTHY banks to increase their profits! So we already know that helping the big companies doesn't mean diddly for consumers or citizens. Fair is fair. Help the litte guy, right now! Enact these proposed changes and give some REAL help.

332 Posted by John Hewes at 12/03/08 08:39 PM

It is time to put people first. Unscrupulous business practices have ruined many an American's credit, their ability to care for their families, and now threatens even the security of our great country! It is time that people come first, and rules are established that are fair and prevent gouging of our pocketbooks! It is time to enact firm and tough regulations that protect us and standardize the obtaining of credit. We're not asking for a hand-out, just a hand up!

333 Posted by Deb Nielsen at 12/03/08 08:40 PM

Dear friends of Wall Street -
It is way past time for you to look at helping the common person who is trying to keep afloat here on "main street." We need some help with some regulation of the credit industry that protects us from rising credit card rates and unfair practices that make things harder for us.

334 Posted by Deanna Johnson at 12/03/08 09:04 PM

Please make it law that credit issuers must abide by the terms they offer to the consumer for the entire length of the contract. When did it become okay in this country for a contractual agreement to only apply to one of the parties involved? Maybe you can't force credit issuers to act with honor and ethics, but I would like to see you at least try!

335 Posted by B. Army at 12/03/08 09:05 PM

The credit card companies have too much power to add not only late fees but "charges" and then charge interest on both until a 2000 debut is up to 6000. Then they sell the debt to a company that collects the 2000 and makes the person who had the original 2000 that they paid pay taxes on the 4000 since it has to be counted as personal income. This is a huge ripoff and has caught a lot of people up in more debt.

336 Posted by roberta claypool at 12/03/08 09:09 PM

Where is my bailout? My taxes pay for your health insurance, your retirement, etc. Only your buddies get a bailout. Your 'buddies' are not going to bail you out when you are in trouble.

337 Posted by dt at 12/03/08 09:15 PM

Bank reform is long overdue; even longer overdue is credit card reform for fair treatment of credit card users. Today's greed by banks is unbelievably stupid and short sighted as the banks themselves have suffered as a result of their own greed in purchasing derivatives and 'breaking the bank.'
We taxpayers have bailed them out, how about a fair exchange by implementing the new credit card fairness rule?!!

338 Posted by Sharon Morris at 12/03/08 09:34 PM

Banks are deepening the financial crisis by their willy-nilly imposition of increased interest rates on consumer loans. The Fed must take action against usurious interest rates, which will force banks to underwrite their risks such that they're not giving credit to people who can't handle it, like 17-year-olds just out of high school. These practices are robbing people who use credit responsibly to subsidize profit-taking on underwriting losses.

The Fed must take the necessary action to stop these irresponsible practices by the consumer credit industry, and protect people who use credit responsibly.

339 Posted by Alan R. Stein at 12/03/08 09:45 PM

Fair is fair, and the credit card companies have been grossly unfair in their actions. What is fair about such practices as precipitously raising interest rates to exorbitantly high levels without any cause (e.g. late payments, etc.) whatsoever? So much of what they do is hidden or incomprehensible to the public that they are supposed to serve. It is up to you and other public officials to institute and enforce fair practices that protect, rather than gouge, the public. That is not to much to ask for, is it?

340 Posted by Philip Cherry at 12/03/08 10:02 PM

The pernicious problem with credit during challenging times is the dependence upon it which results from a period of financial challenge. When, as a result of financial difficulties, someone is late making a mortgage payment, or can't pay a phone bill, they are usually adding to their credit card balance at the same time. Then, when the credit card company decides to raise rates and decrease available credit, the credit card holder is placed in even greater financial peril. Even ignoring the direct effect on a person's finances, the addition of such a burden is emotionally devastating.
Credit cards should not be issued to everybody. Credit card holders should not be encouraged to use their cards, especially by the issuers of those cards (how many offers are packed into the envelope with the statements for most credit cards?). Interest rates should not be raised when debt increases; that's like the pusher raising the price of heroin after he hooks another victim. Credit limits should not be raised in response to their excess. In summation - credit needs regulation to prevent abuse, and safety valves such as bankruptcy should not be watered down to, in effect, create a sub-class of serfs in this country. We need to become a bottom-up society instead of a trickle-down society.

341 Posted by Shirley Webb at 12/03/08 10:27 PM

Enough already. Credit card companies are shooting themselves in their feet and taking all their customers with them.

No late fees without at least 31 days between billing and closing dates.

No hiking interest rates inless a payment is more than 60 days late.

Certainly no interest hike without prior notification and no lowering of credit limit without prior notice.

342 Posted by frank belcastro at 12/03/08 10:32 PM

The APR should be half of what it is today and credit cards should be offered only to those with no or small debts.

343 Posted by thom danfield at 12/03/08 10:41 PM

it has been felt by most of us for some time that the banking industry of today needs regulation and oversight. that fact is being shouted as their house of cards has fallen and they ask for mercy in the form of a bailout. if theirs is an honorable and non-deceptive enterprise, they should agree to such oversight, such regulation AND pure transparency. anything short of that agreement on their part would show their true color and intent. that agreement is mandatory for any further consideration.

344 Posted by Geoffrey Bays at 12/03/08 10:47 PM

CitiBank just sent me a letter jacking my rate up to the high teens if I did not opt out. But I did opt out in a hurry and told them that with 50,000 people laid off, money cheaper than ever, and billions in taxpayer bailout money, I am finished with them. So far this whole bailout scheme seems to have rewarded those most reponsible for creating it.Detroit wants money--why don't these banks that have gotten hundreds of billions of taxpayer dollars lend it to them?? Because the government has not required that the banks actually lend any of the bailout money, and that really makes me angry.The British government did this, why not the US? (Answer: the banking lobby buys Congress with huge donations.)

345 Posted by John Willson at 12/03/08 10:51 PM

The need for credit card reform is obvious!

"When these reforms were proposed in May, the banks opposed them, and urged Washington to trust them to do the right thing by consumers. Since then, our economy has melted down, the banks have gotten billions in taxpayer bailouts, and now they’re hiking interest rates on our credit cards, driving more families into financial trouble."

As a consumer with NO credit card debt the banks have found a way to hurt my credit. Chase bank cancelled an account and eliminated a line of credit because I wasn't using it! The loss of the credit line effectively reduces my FICO credit score. I am angry, I want the banks and credit card companies to pay as we consumers have.

The time for credit card reform is NOW!

346 Posted by Ruth Fink-Winter at 12/03/08 11:02 PM

I'm shocked that credit card companies can change the contract I have to abide by at any time for any reason.

I'm shocked the number of days per period keeps decreasing. And depressed and horrified by the huge fees if a payment is late (by which they mean received by 2pm, no extra time given for weekends).

I'm shocked that they can jack up my interest rates if I pay a completely unrelated bill late.

And I'm very disappointed that the US government seems more interested in the money contributed by credit card lobbyists than in doing the right thing by consumers.

Please help us and pass meaningful credit card reform now.

347 Posted by Shirley Barsky at 12/03/08 11:03 PM

Many years ago they were called shylocks, and illegally charged horrendous interest fees. Today they are called by different names, but charged very high interest rates, and it is called LEGAL.

What kind of thieves do you call them.

This has to stop! Americans are being fleeced every day by these goughing Institutions.

When will it stop!4795236

348 Posted by Ralph Schafer at 12/04/08 12:08 AM

Is increasing rates fajr?

349 Posted by Thom Escover at 12/04/08 12:12 AM

The banks and card issuers are not doing right by their unfair practices. They should not be allowed any further "gifts" from Congress and the administration until they agree by contract to use the proceeds to help consumers at reasonable rates. Taxpayers should not be providing funds for acqusitions, mergers, stock buy-backs and other forms of risk investing. If the managers of these firms made bad bets, they should suffer and not be rewarded by receiving funds to continue their ill thought practices. Bennie should know better.

350 Posted by Esther Le Sieur at 12/04/08 12:44 AM

The credit card companies participate in usury, and are behaving like loan sharks. The American people need to be protected from such unfair tactics. Please implement the reform rules. It does no good to have people go bankrupt because of the current, unfair business practices engaged in by the credit card companies.

Thank you.

351 Posted by Michael Salih at 12/04/08 01:17 AM

I have been a credit card owner since I was age 18. Ever since then, with rare exceptions, I have always paid my balance at the end of the month. So whether APR rates go up or down means nothing to me. All you have to do is use common sense and buy thing(s) you can afford. End of discussion

352 Posted by Edward Zinna at 12/04/08 01:32 AM

Dear Sir, You may have heard this before,somewhere!
I'm middle America,and the buck stops HERE.
Why bite the hand that feeds you.

353 Posted by Dave54 at 12/04/08 05:52 AM

These are predatory practices. The banks care nothing about you or your financial need, just a extremely short time trigger that enables them to rob you, change the credit contract, and pocket the money.
What is going on in Washington now is the biggest robbery of the American public since our inception, and we are helpless, less than nothing, to impact it. The fox is watching the hen house, and if you're a responsible, pay-on-time, saving individual, you get the crap end of the stick. This has been the basis for revolution in this country before. Maybe its time again.

354 Posted by Nancy Matulich at 12/04/08 06:52 AM

Reform is needed now. Please consider the needs of the consumer above the needs of the banks.

I am especially concerned about rules that change with little notice and notices that are printed in fonts that are so small that they can not be red without a magnifying aid. Rules and notices must be written in easy to understand language using fonts that can be read by everyone. The old and new information must be clearly indicated. Notices of changes must also clearly indicate the credit card/account the changes apply to. The name of the credit card company is not enough.

355 Posted by Patricia B. Jones at 12/04/08 08:12 AM

The credit card companies are killing the people who need them most now in order to survive. The are dropping credit limits on cards making it impossible to pay the minimum payments and charging overlimit fees and another fee they can creatively come up with.

I am a disabled retiree, and tried on Monday, December 1, to pay my bills on line. After spending 3 hours online, being switched from person to person, to pay on 2 bills and was told it would cost me $14.95 to do a check over the phone, I just gave up.

The transfer from one bank to the other can take up to 10 days and will cause my account to be overdue, racking up another $30 late fee and an additional $30 over limit fee. I cannot get my balance down due to all of these additional charges. Sears' credit card charges you a maintenance fee of over $2 each month just to have the card. All these are schemes by the banks to take more and more money out of its holders pockets. It's impossible for a person living on social security to "live".

We, the American citizens, who made this country what it WAS (AND NO LONGER IS) the greatest country in the world which people have and still are losing their lives just trying to get into it, no longer matter to the government, just the banks and other companies looking for bailouts for problems which they themselves created. What about us? Why can't we get a bailout from all these scams, which were perpetrated upon us by these companies and banks, so that we can get on our feet.

Why have all the manufacturing jobs and technology we created gone overseas --- greed by corporations to get the lowest labor and charge us the higher prices to get their ridiculous salaries and bonuses. Who, in God's world, is worth millions of dollars in salary and bonuses to run a company which is going down the drain?

Where are OUR jobs, salaries and bonuses? This country has gone to hell in a handbasket. We were once the most prosperous and respected country in the world. What happened?

All I am seeing right now is a new GREAT DEPRESSION. My family lived through it, not I, eating whatever they could get standing in line for hours and many times only getting some butter and onions (which my brother, to this day, vomits when he tastes one). Try eating an onion and butter sandwich 7 days a week and realize that that may happen again.

I am seeing this happen right now, when there is no food left in the food kitchens to give out to people in need. Retirees going to shelters just to get a single meal for the day. We are all now "in need", and cannot give to others because we must take care of ourselves and our families.

Please make this country strong again. We cannot do it unless our PEOPLE COME FIRST and not the giant corporations and banks, which have, all by themselves, broken the backs of the American people.

We will never be the country once beloved and worth dying for to get here until we "GIVE A BAILOUT" to ourselves.

Thank you for listening.

356 Posted by Karin Johnson at 12/04/08 08:21 AM

It's time credit companies were regulated and made to stop usurious fees. Citizens are pushed to consume and then punished for doing so.

Regulate credit card interest rates and put an end to the small print.

And bail out the people of the United States instead of companies and banks. Give tax-paying citizens the money and then we can spend--without using credit cards.

357 Posted by Gary Wenger at 12/04/08 08:34 AM

The banking credit card industry evolved into a "Lone Shark" type operation: high interest rates, annual fees and exorbitant late fees.

358 Posted by Ann Sanchez at 12/04/08 08:48 AM

I can not believe these companies can get away with this crap. Why hasn't our useless Congress done something about this? This is predatory.

359 Posted by Diane at 12/04/08 08:48 AM

why do we protect the 'big' companies and not the individual consumers
please, no more money for the rich
and no more 'money' scams for the credit card companies and banks

360 Posted by Linda Kraus at 12/04/08 09:27 AM

No bailouts except with very strict rules for fair practices to shareholders and consumers.
No more unfair practice of rate increases from credit card companies.

361 Posted by Jim J at 12/04/08 09:40 AM

The banks have gotten used to raking in funds faster than they could lend. Now, they are losing on many fronts, so they try to recover from sectors of their business that are not affected!

Let's find an issuer or two that does not play these games and switch our business to them.

362 Posted by Richard Jubinville at 12/04/08 09:53 AM

CC comapnies say they need the higher rates because of fraud ( one of many lame reasons ) The technology is there for finger prints and/or retina scan, so WHY do they not use these methods and eliminate fraud costs which will allow the companies to operate more profitably? Then they could reduce rates. Also, they raise the rates from 8% to 18% for missing a payment by 5 days,even for long time good customers with excellent records, this is BS!!!!! They charge the stores a certain percentage also, so they make money at both ends, customers and retail merchants...NICE! They are screwing us over big time, it is time to take action. Now I hear that they want to RAISE the rates, and cut the free interest period from 25 days to something like 10 days. I am dropping my cards as soon as I pay them off. CC's are a cancer to America!!! End of story!

363 Posted by Dick & Robyn Mendell at 12/04/08 10:00 AM

The time to enact Credit Card Reforms IS NOW. If not the confidence of the people of these United States of America will be shattered!

364 Posted by Stephen at 12/04/08 10:16 AM

I had a VISA card for many years that was sold from one bank to another. Eventually Chase Bank owned it, and things went downhill rapidly. First, the thirty day interval from bill date to payment due date was cut by one third to less than three weeks, counting for the time the bill needed to reach me in the mail. Then Chase announced one day that interest charges would henceforth accrue from the date of purchase. After using this VISA card for over twenty years I canceled it immediately. Chase Bank does not deserve my business. No credit card issuer should be able to get away with this sort of high handed and abusive practice.

365 Posted by Betty L. Sachs at 12/04/08 10:20 AM

Chairman Bernanke.......Please help the American worker. Protect us from the banks. Stop them from hiking interest rates. Support credit card reform now!!

366 Posted by Susan Maxwell at 12/04/08 10:40 AM

Credit card companies are no better than loan sharks. Isn't that against the law?!

367 Posted by suzanne coleman at 12/04/08 10:42 AM

Credit Card Companies - THE BIGGEST CONSUMER RIPOFF.

I used to work for the Federal Reserve Bank bank in the day when Paul Volker was its chair and prior to the deregulation. Credit card issuers were not permitted to charge more than 2 pts over their cost of money. The rate was indexed. Over time, thanks to ill-conceived dereg, banks were allowed to detach their rates from the index and retain their rates at usurious levels regardless of the fluctuation of the original index.

Now they are allowed to arbitrarily increase their rates regardless of the customers payment history, which may be impeccable.

The Fed should not bail out the credit card companies. Like subprime loans, the card companies seduced unsuspecting customers by the millions with "pre-approved credit card application" schemes.

It's criminal to use taxpayer dollars to bail out poor management decisions by credit card issuers who used fraudulent schemes to suck the American people into debt.

The banks got greedy. They issued or invested in risky subprime loans with ridiculous and complicated terms, many that were peddled to unsophisticated consumers, who wanted a piece of the American Dream. Consumers defaulted on their loans and have had to walk away not only from the homes but have maxed out credit cards to stay afloat until they then have to walk about from their credit card debt.

They are many at fault. The Federal Reserve Bank's Alan Greenspan for allowing deregulation and trusting Wall Street to self-regulate, the Congress that authorized the deregulation of the banks and lenders that allowed them to create loan types with ludicrous, unintelligible terms; the brokers who peddled these ridiculous instruments and the realtors and many appraisers who were in cahoots to convince the buyers that they could handle the terms of these loan instruments.

The American people need to be bailed out -- not only bailed out -- but protected regulatorily from all the greedy institutions and professionals who profited from their greed.

DO NOT BAIL OUT THE CREDIT CARD COMPANIES.

368 Posted by Rochelle Cohen at 12/04/08 10:50 AM

Predatory practice is despicable whether from the mortgage company, banks or health insurance and drug companies. It is time that government return to the job of being for and by the people.

369 Posted by April at 12/04/08 10:56 AM

All I want for Christmas is:

Fair terms, fairly presented, BEFORE a contract is signed, please. And fair does not mean "accept our outrageous increases or loose your card!"

I'm sick of the usury inflicted by the card companies. In today's world you really must have a card to live a normal life... let's make it affordable to do so. Right now it's truly predatory!

370 Posted by Jose A. Torres at 12/04/08 11:08 AM

Banks and credit cards company raise their interest because they can. Why the ecomony is down the drain?, bankrupsies, divorse, drugs, prostitution, kids going to bed without a full meal, people losing their jobs, we must stop this
right at the moment so we have a healthy economy
again, and God bless our nation.

371 Posted by Debbie Morley at 12/04/08 11:23 AM

Credit companies and other corporations have been having their way with us for years. The government has let them get away with (almost) murder. Now we're called upon to help them get out of debt.

Let's see... Who is helping ME? During a medical emergency and surgery, my savings quickly disappeared and I had to rely on credit cards to pay the bills. I've never made a late payment, but because my name is on one of my sons' credit cards (in case of emergency as he was in the military), and he was late on one payment, now my interest rate keeps climbing. My sons' credit card will not remove me from his card until the balance is paid in full. My credit cards will not ignore that account, even though mine have never been paid late.

It's not right that these companies can do as they wish and unless we can pay off a balance in full we're stuck. There are no outs and it keeps getting worse. I believe credit card companies greed is behind half of the problems in America today. Please help stop their abuse.

How come all their profits aren't going to be ours for the next decade?

372 Posted by Vita M at 12/04/08 12:35 PM

I have a very high credit score yet one of my credit card companies decided to raise my interest rate over 10% in one month without any notice at all! I was furious and called immediately and told "sorry, that's how it is"
I have never had a late payment on any credit card in over ten years or more. Also they apply my payments to the lowest finance charge rates on each card and nothing to the other applicable (higher rate balances, making it impossible to pay off those balances. That is simply criminal.
We need reform now.

373 Posted by Allan Owen at 12/04/08 12:39 PM

The days of unbridled avarice and legalized theft must end. So long as our elected officials - our "representatives" - are the recipients of huge sums of money from the financial industry we will be subject to these modern-day robber barons.

374 Posted by Robert & Elsie LeMaster at 12/04/08 12:47 PM

Fair is fair and wrong is wrong. I didn't used to think of banks as LOAN SHARKS but unfairly taking advantage of customers with out of sight interest charges puts them in the same family as the SHARKS. Yes it is business, but we have all seen recently that the financial industry is ill equipped to and doesn't want to earn their income the old fashion way. They just want to grab anything they can. It is time that the average citizen in this country has has support from our Federal Government to guarantee fair business practices. Where is the oversite in our government that guarantees citizens that we will be treated on a level playing field?
If you don't do something positive to protect the citizens, we won't have to worry much longer.
No financial oversite.... Not much manufacturing base left.... What will be next???? Just another 2nd rate country. What a waste.

375 Posted by David Kaplan at 12/04/08 12:53 PM

Credit card problems are consequences of two parties, the credit card companies and the people who use them.

The credit card companies try to persuade the users that money is free. The people who use the credit cards are sometimes wishful thinkers. I use credit cards for convenience and as a book keeping service. I make it a point to pay my credit cards off each month. I use credit cards as a way to provide insulation between me and the companies that I am paying. They provide me with a way of protesting bad service from a service provider. I am quite aware that the credit card company is getting their money from the merchant who is raising his prices accordingly and I intend to keep it that way. When used in that way, I am using my cards as a way of getting a convenient service at a low cost. I AM also aware for many credit card companies I am a "deadbeat" providing a minimum of profit.

As to the credit card companies, they should be required to write their rules in a clear way so as not to be misunderstood by the credit card user. It is likely there should be high school courses covering this but there are not.

This is not much different than the variable interest rate mortgage crisis and could be encapsulate in the sentence: greed on both side.

Finally, if money is needed for an extended period, take out a conventional loan.

376 Posted by Jay Harter at 12/04/08 01:25 PM

We need Real credit card reform. The credit card companies need to be regulated with reasonable caps on interest as with normal loans not uncontrolled up to 30%. College students and others with no income should not be given credit cards at the drop of a hat. In fact crdit card leach's should not even be allowed on our college campuses.

377 Posted by KARL WOKAN at 12/04/08 01:51 PM

RATES SHOULD BE 0%TO 12% NOTHING HIGHER.LATE FEES SHOULD BE $5 TO $20 PER MONTH NOTHING HIGHER.CARDS SHOULD NOT BE SENT OUT FREELY. PEOPLE SHOULD REQUEST THEM. CHECKS SHOULD NOT BE SENT OUT FREELY, THEY TO SHOULD BE REQUESTED.ALL CARDS SHOULD HAVE A 25 DAY GRACE PERIOD. WE ARE ALL PRETTY TIRED OF LETTING THE BANKS CHARGE FEES ANYWAY THEY WANT. WE HAVE FOUND THE MARKET CAN NOT BEAR IT ANYMORE. CUSTOMERS NEED AND DESERVE FAIR TREATMENT.

378 Posted by B Sloan at 12/04/08 02:16 PM

My bank, Citi Group, has already jacked my interest rates up by 7%--in a time of falling interest rates. I pay my complete bill each month, so it probably won't affect me much, but I still resent it and feel for those who might suddenly be unable to pay a bill through illness or layoff.

I advise all to pay in full each month and/or pay off credit card debt as soon as possible.

379 Posted by Stan Gorton at 12/04/08 02:18 PM

99.9% of the time I pay my credit card bill in full within 2/3 days of receiving my bill. I think that the problem is that these credit card companys send applications to just about everyone. The card may start out with a $2000 limit then when the person exceeds this the credit card company raises their limit to $4000. Probably 60+% of the people pay only the minimum payment each month which the credit card co.'s just love. We ,the tax payers,bail them out from their bad loans and the and the heads of these companys are making 6 and 7 figure incomes. The small bank in my home town about 2 years ago a person approx.' 47 years old was leaving this bank and was being paid $750,000/yr. until he found a comparable job and if he didn't when he reached the age of 65 he would get $1,000,000/yr. With this amount of money I doubt VERY MUCH if he was running out to find a new job.....

380 Posted by Rich Barrett at 12/04/08 02:52 PM

Banks are committing legalized loan sharking. My latest Amex statement says they are going to raise cash advances to 17.99 plus prime or 22.49%! Default APR will be 23.99 plus prime or 28.49%!!! I am not a proponent of government regulation but when "businessmen" can't run a business ethically and morally, there MUST be regulation and regulation SOON!

381 Posted by Keith at 12/04/08 03:04 PM

Put a STOP to credit card companies sending us credit card applications every month. Is there NO way to stop this. We can have a "do not call phone list" so why not a "do not send me anymore credit card applications list." It make it way too tempting for the person who is already maxed out. When you enact this, make it easy - one place to stop all banks / credit card companies from sending us more and more applications other than the one(s) we already choose to use.

382 Posted by Ken Larson at 12/04/08 03:07 PM

I have not had a balance on my credit cards for years as I pay it off every month no matter what is is. This does not stop the Bank form constantly changing the rules or the interest.
There is a fee for everthing and now my interest rate has gone up because I do not carry a Balance.
Yes, I'm now penalized for being a responsible credit card holder. WE NEED RULES for these credit card companies and we need Federal rules.
They really are predatory lenders.

383 Posted by Gerald Rust at 12/04/08 04:00 PM

So you want to talk about "Predatory Lenders" ? I think this is the perfect example.
Maybe the credit card debtors should be in line for a "bail out" too !!!!!!!
These high interest rates that are charged, and the methods used to implement them, are nothing short of "highway robbery" !!!!!!

384 Posted by Steve D at 12/04/08 04:50 PM

The practices exercised by the credit card companies border on the criminal. They regularly change the terms of the card agreements without cause, leading to increased fees and rates, even on consumers who pay their bills on time! The current level of interest on cardholders is excessive given the Fed Funds rate of 1% and Prime rate of 4%. How can rates of over 15% to 25% be justified? Reforms are much needed and have been promised for years. It's time to stop the abuse or your next economic crisis will be from the credit card industry!

385 Posted by Cecilia Eckerson at 12/04/08 05:06 PM

Remember the "tea party?" Perhaps we need a credit card party. If it happened all at once, you'd really need to bail out because your ship would be sinking, for sure! Oh, well.

386 Posted by Shani at 12/04/08 06:18 PM

"Consumers ARE THE BACKBONE of this economy!

Consumers aren't looking for a bailout, just a break.

Billions of taxpayer dollars are going to bailout the big financial institutions, which include some of the largest credit card issuers – Citigroup, Chase, Bank of America. And now the Federal Reserve Board may use $20 billion of that money to back up a new program to purchase the banks' debt, including credit card debt.

Yet these same banks are jacking up credit card interest rates, and piling on fees, just because they can.

Consumers aren’t asking for a bailout, just a break from unfair tactics. The Federal Reserve can do a big part of that job right now, and it won’t cost the Treasury a dime."

When are you going to start using some common sense? FORGET about the politics of it all or the conflict of interests! Americans CAN'T and WILL NOT Pay for the MESS YOU CREATED or PAY for the RICH ONES' MESS! ENOUGH IS ENOUGH.

How else do you want the economy to be stable, if that is what you truly want, if people can't afford to pay their credit card bills when the companies jack up their interest rates at all-time highs?

Unless you want the economy to fail and get us into a depression, then start acting RIGHT NOW TO PREVENT it from happening.

GIVE US A BREAK. WERE NOT GONNA PAY FOR OTHER PEOPLE'S MESSES WHEN THEY SURELY CAN AFFORD STUFF THAT THE REST OF US CAN'T. EVEN IF WE DID, WE CAN'T ANYWAY. THINK WITH YOUR BRAINS IF YOU HAVE ONE.

Thank you.

387 Posted by Francis J. DuPonte at 12/04/08 06:45 PM

Am a retired Ma Bell employee have had my AT&T Universal Card for many years at a low interest rate Citibank recently acquired the
Universal Bank card accounts. I have had excellent record re card payments and also have a high FICO score. Citibank in their infinite
wisdom has raised my interest rate rate from 7 % to 16.99 %. Needless to say I have opted out and don't need to feed them at their greed trough.

388 Posted by Mush at 12/04/08 06:58 PM

Several of my credit card companies have raised my rates to 24.99% on previous purchases even though I have not been delinquent on any accounts,
unless I opt out. I don't think that that is fair!

389 Posted by Jean Burns at 12/04/08 07:18 PM

Credit Card interest rates should be reduced to 10% and no higher. Since we are in a recession and heading for a depression, the credit card companies should not be allowed to put us further in the hole and continue to destroy our country. Their creed is destroying our economy and nation. They need to exhibit Patriotism!

390 Posted by Anthony Herd at 12/04/08 07:21 PM

Isn't it about time the taxpayers of this country stop get a fair shake. The banks rip us off, they make a problem for themselves
and then we have to bail them out so they can rip us off again.
Please right this ship.

391 Posted by wanda vega at 12/04/08 08:03 PM

How can you bail out the banks with our money and let them bleed us out . If you really want to help the economy start by helping us. Don't let the banks put us in the poor house. Remember that the money that you are using for this bail out is our money.

392 Posted by Lou at 12/04/08 08:11 PM

The CEOs of the credit card companies (and the fat cats on wallstreet) should be bailing out the people. Take all their huge salaries and bonuses and make a change. I don't use credit cards as a rule - IT ALL NEEDS REFORMED - hasn't that become obvious????

393 Posted by Theresa Pearce at 12/04/08 08:27 PM

Please re-instate the laws against usury!
There is no reason for the card companies to get away with such incredible greed.
The banks are bailed out just so they can continue to make money off the consumer at rates that are outlawed in other countries.
Stop usury..get the rates and terms back to a sane level and give consumers a chance to regain some ground in this economy.

394 Posted by Roger Bennett at 12/04/08 08:30 PM

There is more to the finacial health of this country than bailing out large banks and overseeing the "big picture." Isn't it time somebody began to provide some relief to the average American!

395 Posted by James Roper at 12/04/08 08:45 PM

Contracts are written by lawyers but given to ordinary citizens who typically do not have the capital to hire attornies to "vet" them. This means to me that, from an ETHICAL point of view, these contracts should be EXTREMELY TRANSPARENT. We know that many people who use them do not have very good educations. Banks MUST take that into account in preparing their contracts. If it takes a lawyer to decipher a credit card contract, it is not transparent enough. Increasing the percent a person has to pay per month is not appropriate, especially when the language allowing such behavior is tucked away in legalese. We now know that the banks are using the bailout money to try to profit from this crisis. If a private citizen did that, he or she would be jailed or worse. These are large corporations--the major organizational entities of our times. THEY MUST BE HELD ACCOUNTABLE FOR THEIR UNETHICAL ACTIONS--NOT JUST FOR THEIR ILLEGAL ONES.

396 Posted by Charles Bell at 12/04/08 09:29 PM

This is the same old story,it is the fox watching the hen house,all the elected politicans are crooks filling each others pockets
at the expense of the working man.There personal agenda is what has happened to the economy in this country.When we get someone in the correct political position that is not attached to lobbyist in any way,maybe they can pull the politican heads out for them.Apparently they have no moral obligations to the backbone of this country.GREED is what the problem is here.All people have to do is just take a good look.I do not know what the answer is, but all i do know is that we as the people out number them by a long shoot.

397 Posted by Nancy E at 12/04/08 09:44 PM

I especially agree with the complaints about larger and larger late fees when you can't depend on the mail arriving in time. And how could we possibly know what time of day the payment has to be posted by for any company? The consumer is being taken advantage of while these businesses reap big profits.

398 Posted by Charlene Rush at 12/04/08 10:01 PM

It is a shame, but, if we must protect consumers from themselves, then, that is what we must do.

399 Posted by NAT COHEN at 12/04/08 10:53 PM

Banks do not deserve a bailout everytime they have an opportunity to stick it to the public they take advantage of it. They are predatory thieves & do not deserve our help the same ones they have been sticking it to.

400 Posted by Laverne Josey at 12/04/08 11:29 PM

Please stop credit card companies from bombarding our mail and internet with credit card offers. They oftentimes conduct previews of our credit rating before sending their offer. If I wish to apply for a credit card, I'm of age to apply when needed. The interest rates that is charged by credit card companies should be considered USURY.

401 Posted by Gregory McWilliams at 12/05/08 12:18 AM

Credit card reform and universal health care go hand-in-hand. Folks without health insurance have no choice but to charge unusual health care costs to their credit cards. This results in pushing the charges on their credit cards to the max.

Next, the credit card companies drive up the interest rate that they charge the helpless consumer simply because the consumer has reached his credit limit. This forces the consumer to declare bankruptcy. Half of the folks who are homeless became that way because of medical expenses charged to credit cards that consumers can no longer afford to pay!!!

402 Posted by Joe Casanova at 12/05/08 12:24 AM

Give Families a Break! The Family is the most important institution in any civilization and it is under attack from all sides. Lets start protecting Families. Don't let greedy credit card companies put families under financial stress. Stop unfair practices.

403 Posted by Jill at 12/05/08 05:08 AM

Although I pay my credit card in full every month, I received a notice that the interest on my credit card is going up. What are they doing to people who are unable to pay in full???? This is not the time. With all the foreclosures, layoffs, tens of thousands lost in savings and retirements and store closings, how insensitive can they be at this time!! Shame on them!! And shame on those who are allowing this. It must be stopped!!

404 Posted by Jill at 12/05/08 05:11 AM

Although I pay my credit card in full every month, I received a notice that the interest on my credit card is going up. What are they doing to people who are unable to pay in full???? This is not the time. With all the foreclosures, layoffs, tens of thousands lost in savings and retirements and store closings, how insensitive can they be at this time!! Shame on them!! And shame on those who are allowing this. It must be stopped!!

405 Posted by Don Winchester at 12/05/08 08:17 AM

Unfortunately, the financial institutions that we all depend upon for fair, ethical and sustainable maintenance of our country’s (and, in fact, the world's) financial health, have not been able to curb their hunger for greater and greater profits at any cost, be it ethical, reasonable, or even to strain the grey area between the letter and the intent of what regulation already exists. The expectation that deregulation would allow greater market freedom for responsible companies has been shattered by the circumstances of our present financial downturn. There are far too few companies that consider their impact on the societal fabric before making a decision to implement their own brand of profit making. It is way past time to manage this greed and ambition by establishing further guidelines for the fair conduct of their business.

406 Posted by RobertD at 12/05/08 09:18 AM

I hope the FED does follow through and put a leash on these credit card companies. If they really want to help the economy then they need to regulate these "legal loan sharks" who are playing games with fees, rates,etc.

407 Posted by John Peterson at 12/05/08 11:00 AM

WHY NOT ALLOW INTEREST PAID TO CREDIT CARD COMPANIES BE DEDUCTABLE FROM INCOME TAXES. I DARE YOU!! WOULD BE SWEET THOUGH,RIGHT I.R.S.??

408 Posted by Jim Hill at 12/05/08 11:29 AM

Since Credit Card Companies have arbitrarily raised interest rates to exorbitant levels (30%) on customers who have paid on time, we need a bailout now of an interest rate of 10% to 12% for a minimum of 2 years!!! Also a law needs to be passed to mandate that the IRS allow Taxpayers to itemize the interest/finance charges on the 2008 and 2009 tax returns. This will help the consumers who may not have burdensome mortgage debt but have credit card debt that is just as devastating.

409 Posted by Dennis Tesch at 12/05/08 02:06 PM

If we the tax payor have to bail out these fat cat losers then we sould be issued a dollar for dollar share of stock in each company. Then if the compnay dose well, we can sell the stock and get our tax dollars back. If they stell go under than we're not worse off than we are now. Congress says "it will only be a loan" but we know they'll spend it somewhere else and vote them selves another raise for a job well done, we won't as tax payors see any reduction in our taxes as a resault of a pay back. Time to vote in a new congress. Some one with a brain. Congess mandated the banks to make bad loans let them bail out there buddies with their personal funds.

410 Posted by Al Cote at 12/05/08 03:05 PM

Now with these new bailouts, you can expect the consumer will take the hit!

Now it is time to bailout US from what the credit card people will try to do.

Protect us as we are the foundation of our nation!

411 Posted by Rick at 12/05/08 03:06 PM

Here is another disaster ready to explode.
Want to catch this one?
Gotta do it now, not later.

412 Posted by Harmon Motch at 12/05/08 05:48 PM

President-Elect Obama is advocating open, fair standards from all indiviuals and businesses in dealings beween themselves and between each other. The day of reconning is at hand. From the financial industry to the auto industry; from manufacturing to service industries, the days of excesive, extreme, obnoxious, vulturous profits are over. Its time we all got in line and began marching to the same tune. Each sector of the economy must be made to play in harmony with all other sectors. Its time to get this orchestra in tune and follow the lead of the conductor, the one real conductor of theis economy.

We have been whitnessing the meltdown of the financial sector of the econony, and a part of the manufacturing as well. The balance of our economy will soon follow unless we cease these predatory practices. The time to act is NOW. Lets all get together for a single effort and save the globe from total anhilation.

413 Posted by Steve at 12/05/08 06:25 PM

Stop the greed and changing the rules! Sure some people spend beyond their means, but alot of us pay the bills. Unfortunatley with the loss of jobs and medical bills, some of us need a little help (bailout). I hope people and companies will remember what compassion means.

414 Posted by Rick Marchwick at 12/05/08 07:21 PM

It is way past time to reform the credit card rules, for too many years the consumer has had to take whatever these companies decided was to be the rules, and they could change them at any time. Great offers always seem to have a clause in fine print, that no one could understand or read. Its time to equalize the field for the consumer.

415 Posted by Albert Jackson Hoch Jr at 12/06/08 07:50 AM

I don't think credit card interest shoul ever be above 12%(Twelve percent) annual. Or, for that matter, any other banking interest!

416 Posted by Alexander rouhana at 12/06/08 09:42 AM

No bail out.This is only communism for the rich.

417 Posted by John Landau at 12/06/08 05:43 PM

We need fair interest rates, fair late fees and adequate time to pay credit card bill now!

418 Posted by Juan V. at 12/07/08 08:34 AM

Let's do the right thing for the American worker... Yes! the guy who voted for you so you can go to Washington and protect him/her.
I can not believe we need to write a letter just to ask you to do what is right!!

419 Posted by Diane Hollingsworth at 12/07/08 02:15 PM

Please enact the new proposed rules about credit cards as soon as possible. You were quoted as saying these new rules would be put into effect this month, yet nothing has happened.

We taxpayers are bailing out the banks; we should not have to pay ever-rising interest rates on the cards these banks issue.

I looked at the interest rates on my cards and find it interesting that as the prime rate dropped, for a few months my interest rates dropped. Now, even though the prime rate continues to drop, my interest rates are going up. How does that work, when the contract says my interest rates are based on the prime rate or the LIBOR rate?

The American taxpayer/consumer deserves fairness in the marketplace. Please enact the new rules now.

420 Posted by Lisa P at 12/08/08 04:43 AM

This would be a great opportunity for you! Payday loans are quick to apply for and approval is almost instant, sometimes not even requiring a credit check. Funds are deposited into your bank account within a couple of hours. Some people claim payday loans are predatory. I don't think they are and I'm the one who has to use them at times. I would suspect those who make the predatory lending claims, don't have the financial emergencies that I've had to deal with. And, the ones who make the claims are misleading and, quite frankly, wrong. For example, some claim payday loans to have an interest rate of 361%. To explain simply, if I take out a payday loan for $100 dollars on a two-week term, I would end up paying back somewhere between $115 and $130 dollars or about 15 to 30% of the borrowed amount. This means I would pay back and extra $15 to $30 dollars. That is less than a late mortgage fee of $75, which a payday loan could save me from if I am a hundred or two short. It's also less than the bounced check charge of $32 that my bank charges. Payday loans are a great service for a great price. Click here to read more on payday loans.

421 Posted by Albert Sterman at 12/08/08 01:37 PM

The unconsionable "fees" credit card companies are charging only serve to destroy credit from those who may temporarily find themselves short because of loss of income, health costs, etc. We need fairness and understanding in fees and interest charges. We do not need loan sharking by the financial industry. We have enough of that from pay day loans, credit repair companies, care title loans and others.

422 Posted by jannewyork at 12/08/08 04:49 PM

Advanta and AT&T have jacked up interest rates to 36%. Where are the regulators? Cap rates now!! I have excellent credit but I won't use these cards because of these rates. The banks are forcing us to stop spending at most important spending season of the year! What are they thinking? The government has to step in the much the same way the governor of Illinois is going after Bank of America, which received billions of our money, but is pulling credit on a company and forcing people out of work without giving them the money due they deserve.

423 Posted by J. Philip Smith at 12/09/08 10:33 AM

The credit card industry needs to be overhauled. I suggest the French way: in France, your credit card balance must be paid off IN FULL each month, or the card gets suspended. Simple and effective.

424 Posted by Donald McLeod at 12/09/08 08:40 PM

Where are the churches on this issue, particularly the Mormons Church and the Catholic church? They're so concerned about gay marriage rights on moral principle, well, where are they on this moral principle of usery (sic)?

425 Posted by Gerald Petersen at 12/10/08 02:37 PM

Increased rate changes should not apply to debt already on the books. Only to new debt.

426 Posted by Annie Snyder at 12/10/08 10:56 PM

These credit companies claim that they are in dire straits, yet during the past couple of months, my calls to my credit card companies have been met with replies such as, "I'd be happy to help you cancel your card."

I am floored by the lack of customer service that these companies are offering of late, and will, in fact, be cancelling the cards from those who've been so disrespectful of me and my business.

A bailout? Perhaps customer service training should be implemented top-down.

427 Posted by jennette at 12/11/08 03:04 PM

I think that the credit card companies should not be allowed to change terms whenever they want.The company claims that I have a choice but the choice is to agree to their new terms or close my credit card account with them . That is not a choice.It does not matter how long I have had an account with them at all. Most of the time they raise the interest rate,and I have to agree to that or close my account. This is not the way it should be I should have more rights. I believe that the plan consumers union has is a good one and should be put into law.

428 Posted by erin yarrobino at 12/11/08 07:47 PM

Credit card companies should not give tempting offers, and then get angry with consumers when they cannot pay their bills. If the card companies do not want debt, they should not give unfair offers.

429 Posted by Alan at 12/12/08 07:40 AM

What's fair is fair and any reasonable person knows what these credit card companies do isn't fair and shouldn't be legal. Let's do the right thing and enact the reforms needed to reign in these scoundrels. The American consumer has a right to be treated honestly and fairly. Do the right thing!

430 Posted by TOMTOM at 12/12/08 07:45 PM

Even in the early days of civilization those in control only asked for 10% Now without blushing they demand more and more and more. Their greed is so great they would bring our Country to its knees and will not be satisified until it is no more.

431 Posted by Larry Dellosa at 12/14/08 08:30 PM

Credit card companies are out of control. I just got a letter from Bank of America stating that they were going to increase my interest rate from 9.99% to 20.99% on my business credit card. This will apply to existing balances, as well. This is being done even though the payment is always been made on time. This is TOTALLY UNFAIR! My business is suffering as a result of the economy and this could mean that we will no longer be able to make timely payments and my business' good credit rating will be ruined. Mr. Bernanke, this has to be fixed!

432 Posted by Jim schoener at 12/16/08 02:57 PM

I propose a $1.00 tax per individual taxpayer to fund a lobbyist(s) for "we the people" so that we can be heard on consumer issues. I believe that would generate 10's of millions of dollars. We could have a place to generate all kinds of issues. Newspapers and the press are in the pockets of big business and we generally have no where to turn. We could tell them all the horror stories rather than to an uncarring congressman.

433 Posted by TOm in CA at 12/18/08 04:25 PM

I sent this to my senators, congressman, and the President today. I also "Opted Out" and told Citi to stuff it.

I just received a notice from Citigroup that, effective Jan 31, they will be drastically increasing the rates on my credit cards, from 8.9% to 16.9%. Apparently they are doing this to everyone. So far, American Express has shut down their entire small business line of credit program, USAA has raised their rates (but not to a ridiculous level, they've gone from 3.9% to 8.9%) and Citi is trying to jack up the rates unless I opt out (which I will).

My FICO is 736, and I pay my bills on time. I am a small business owner who uses these lines for capital equipment, and to average income that is very bursty due to the nature of my work (I work on 2-3 month projects where I get paid at the end in most cases).

Citi is one of the companies that has taken TARP money. Instead of using it to lend to US businesses and consumers, they lent a large chunk of money to Dubai.

WSJ Article on Citi lending $8B to Dubai

The TARP and Fed need to get serious with these banks that are being given taxpayer money at ridiculous low rates, and that are then squeezing the self-same taxpayers, making the economic situation worse. If we're going to have to pay off treasury notes with our tax dollars for the next 30 years to bail them out from their lousy business decisions in the name of propping up the economy, then they had better use the money they are being given to prop up the US economy, not chase higher return for their shareholders by investing in other countries.

434 Posted by allyson drucker at 12/22/08 09:40 PM

Isn't it ironic--folks, but the very banks that got billions of no-strings-attached tax dollars to use for customer credit are not giving car loans to customers... I believe this 'bailout' is a bigtime scam--they're using the money for anything and everything other than what it was intended for and 'main street' is STILL out in the cold--while the corporate execs are laughing all the way to deposit their Christmas bonuses--at the same time that millions of American workers are wondering where the holiday presents are going to come from this Christmas...

435 Posted by elaine blodgett at 12/28/08 07:50 AM

these are basic, reasonable reforms. there could be no valid reason to oppose them. they need to at least enacted now, possibly retroactively.

436 Posted by Jan N Colorado at 12/30/08 11:57 AM

Your credit card reform act is a farce, due to it's start date! By July, 2010, every card holder's card will be at 28%, regardless of credit rating! This is usury of the highest order.

Give them 21 days--maybe 45 to change--that's what they give their account holders. Advanta took my $42000 business card when I refused to accept their 28.9% card (from 7.9%) when I had no lates, missed, overlimits, and less than 30% on every card--not only on their card, but on all of them--and an 800+ FICO score. I am fortunate enough to be able to cancel cards: not everyone is.

Every card will be at 28% or worse by the time your toothless change takes effect! Move up the dates to make this anything by "showtime."

437 Posted by Lee Dale at 01/01/09 08:38 PM

I believe that bank management and all of their board of directors should be held financeally responsible and tax payers should not be bailing them out while these people take home millions of my hard earned tax money. We the public should be helped by reining in the banks and credit card companies NOW not years from now.

438 Posted by Katherine Jones at 01/02/09 11:49 AM

I have had to take a 20% pay decrease and am now having trouble making my credit card payments. I just talked to one company GE and was told that the have a "hardship" program that would help me until my full pay was re-instated (in March) but that my balance was not high enough to quailfy and then was not-so jokingly told to go and charge a few more things to get my balance up. This is just not right!!!!!

439 Posted by Ann Creditwiseperson at 01/03/09 07:59 AM

The way for credit card operation to change is for people to take responsibility for their own actions. You should take out cash from one card and make purchases on another. Then, they don't have to cry about how their payments are applied. It is the consumer's greed in trying to live beyond their means that got them to this point. I have never done anything that stupid in all my life. If people are not educating themselves in how credit works, that's their own fault. In this day and age, with the internet, the world is at their fingertips. They just have to use their brains. I don't know why the credit card payment system should change. People should change their actions.

440 Posted by David B at 01/03/09 09:16 PM

I have had a Juniper Mastercard for about 4 years now and have never been late and always paid more than the minimum due.I had a credit limit of about $4,000. Every year they sent me a "congratulations" we have increased your credit limit because you are a customer in good standing. Just the other day a few days after Christmas they claimed they viewed my credit report and now lowered my credit limit to 1,500.00 and sent me a letter stating that i am close to my credit limit and will have to increase my interest rate!!! How ironic nothing in my credit report has changed in the 4 years i have done business with them. They are purposely trapping you so they can get more money from their consumers. There are countless horror stories out their about this bank, i am planning on getting rid of this card FAST! Where are the laws protecting citizens of this type of CRIME?

441 Posted by C.O. at 01/08/09 02:20 PM

There sure are a lot of comments here about how the fed needs to bailout the people.

First, that won't help anything as that amounts to a stimulus. It actually hurts in the long run.

Second, it's your debt, pay for it. The rates are raping the public and that is not right, but no one forced you to apply for credit and buy somerhing you didn't have money for.

I have not had a credit card for 15 years and survive very well.

So I say no bailouts for banks or people.

*

442 Posted by Kevin at 01/10/09 09:51 PM

If you can't afford credit payments, why are you living on it? You're entering into an agreement without fixed terms to borrow other people's money and complaining when they expect you to pay them back?

If you can't afford it, don't do it. If you don't like their practices, don't participate. It's been your choice all along!

443 Posted by dmullins at 01/13/09 06:59 PM

my husband and I just received our notices of increase today from JP Morgan....formerly Chase. I will transfer my balances immediately. What a big pile of poop! They got my taxpayer money and now I have to pay jacked up APR w/o any missed payments, over limit etc!!! The scary thing is that this is just the thing to tip our household finances over the cliff. My husband and I are public workers who can barely afford our home and two commutes!!!! WHAT IS WRONG WITH THIS PICTURE! This is flat out ROBBERY! I will do everything in my power to complain and be heard!

444 Posted by FROGGIE at 01/16/09 07:48 AM

why has the government allowed credit card companies to raise the rates so high? they really are working the same as loan sharks.

(according to the Judge shows on tv)if i lend someone some money, i cannot charge them a ridiculous interest because it's against the law.

and this bail out scheme only helped out the jerks that messed things up in the first place. they did not lose out like we did....just so unfair, and to top it off, WE will need to raise all that money to put it back.....

445 Posted by Vivian at 08/17/09 05:48 PM

It seems that CitiBank is no more than an unregulated loanshark which has increased our APR evry three months in the last many years. Their current rate demanded is 25.24% for a family with an excellent payment history and credit score of 736.
This time they actually increased the rate retroactively in violation of law by sending such notice to our household on August 17, 2009 for a rate increase as of July 1, 2009.
Is there anything else thart they plan to impose n their middle class customers.
It is now very difficult to use our Sears Credit Card under this horrendous loansharking.