1 Posted by Jan Kifer at 12/30/08 11:50 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!

2 Posted by Tom Shanks at 12/30/08 01:59 PM

Current credit card rules are absolutely unconscionable and disgraceful! It is inconceivable to me how Congress has permitted usurious rates and deceptive practices by the credit card companies to exist as long as they have. Credit card companies are ripping consumers off and it needs to stop now! Please take the requisite steps expeditiously to put an end to these abuses.

Thank you.
Tom Shanks

3 Posted by Tammy at 12/30/08 02:00 PM

With the economy in the toilet right now, it really makes no sense to wait until the middle of 2010 to assist consumers. We need this to go into effect immediately!

4 Posted by Nigel Cushing at 12/30/08 02:02 PM

Ludicrous is the only word I can find to describe the unnecessary wait for fairness in credit card policy.

Why does the credit card industry deserve another year or so of undeserved and unconcionable profits on the backs of credit card users.

5 Posted by Kevin Valenta at 12/30/08 02:03 PM

July '09 would be somewhat reasonable but July 2010 unduly delays action that is needed now!

6 Posted by Ben at 12/30/08 02:03 PM

All of those newly-minted rights for credit card carriers are all well and good, but they need to go into effect immediately. There is so much of the public which is drowning in credit card debt that they need relief at the earliest possible moment. To wait as long as proposed will just give the credit card companies time to concoct new and nefarious schemes to screw the debtor.

7 Posted by Conrad W Ware at 12/30/08 02:04 PM

If all of these changes are enacted by The Federal Reserve Board, then it will be a great improvement in credit card company practices. A big plus for card holders.

8 Posted by Anup Bhatt at 12/30/08 02:05 PM

I sure do agree that some of the above can be implemented sooner than July 2010.

9 Posted by Samuel Shoor at 12/30/08 02:07 PM

The people of this nation need relief now; not in 2010. It is the role of the government to be resposible in protecting the welfare of its citizens. Perhaps it is time we redefined corporate entities as not psuedo-citizens but as businesses whose amorality effects badly the real people of the united States. Our elected officials should-must-need to take action now to preserve the integity of our people and readjust the function of business from dog back to tail.

10 Posted by p blanton at 12/30/08 02:07 PM

Congress should enact laws to protect consumers NOW.

Congress needs to stop catering to the financial industry that makes huge financial campaign contributions to Congress. Congress needs to do its job and represent the PEOPLE not the financial industry.

11 Posted by Richard J. Poole at 12/30/08 02:09 PM

Why do we have to wait for relief when the Treasury Dept gave 350 Billion dollars to banks that it can't account for. Get our money back or account for where it was spent and I'll be happy to wait till 2010

12 Posted by Robert Robles at 12/30/08 02:11 PM

I gree with the above letter 100%

13 Posted by James Bullock at 12/30/08 02:12 PM

It is incomprehensible to me that credit card companies may change our "agreement" unilaterally, in any way at any time and for no particular reason, and yet to stop doing so requires an 18 month head start.

There is no reason, none, nada, that Congress and the regulators should allow this continuing abuse unless, of course, there is something other than the public interest which motivates them.

Failure to fix this egregious abuse right now will only prolong any possible recovery.

14 Posted by Rhonda at 12/30/08 02:13 PM

I am one of those whose Credit Card company--namely CitiBank--arbitrarily raised my interest rate to nearly 18% and cut my credit limit by almost half. I've had their MasterCard for over 10 years now, but I sent them a very nasty letter stating that they have lost me as a customer. Congress needs to develop some intestinal fortitude and do what is right for the consumer and not what is right for the Banking Industry.

15 Posted by Allan Boodnick at 12/30/08 02:13 PM

Stop making credit card companies from making more of a profit on the backs of the consumers who keep them in business. Implement the necessary changes NOW!

Thanks!

16 Posted by Lorelei Okun at 12/30/08 02:15 PM

This is outrageous - we can't wait for credit card reform! Congress, do your job.

17 Posted by Rick at 12/30/08 02:16 PM

While these changes will improve the industry; they are long overdue and should be applied IMMEDIATELY! This is just another example of how lobbyists are using the system to circumvent Congressional action on this issue!Congress should act immediately to make these changes LAW!

18 Posted by norman St. Amour at 12/30/08 02:16 PM

We need these reforms enacted now! I understand allowing time to get compliance tools in motion. But let's not give them time to get around the new laws.

19 Posted by David E. Roy, Ph.D. at 12/30/08 02:17 PM

Clearly, banks and other financial institutions have the lion's share of the power in our current economic system. This power must be shared with ordinary consumers and Congress is the only institution capable of making this happen. Please correct this egregiously lopsided balance of financial power by enacting a law with these provisions.

20 Posted by Herbert Godbey at 12/30/08 02:18 PM

By the people for the people...how about doing something for "the people" Mr Congressman! Let's make that "change" that's on all the politicians lips.

21 Posted by Michael Riley at 12/30/08 02:21 PM

The citizens need help now, not after compounding their costs while many are unemployed or underemployed causing them further frustration in overcoming their debt.

22 Posted by Ira Hamburg at 12/30/08 02:23 PM

What is the reason Congress gives for the delay.

23 Posted by Aliaska Brozen at 12/30/08 02:26 PM

Regulations are LONG overdue.....People need help...not gouging.

24 Posted by Ken Mueller at 12/30/08 02:30 PM

These changes on credit cards need to start immediately. We want to start this economic recovery right now. The recovery will start at this level, with each individual. Please don't delay this recovery.

25 Posted by Michael Lindsay at 12/30/08 02:31 PM

We desperately need these rules imposed now. I've financed my small business on credit cards and every hiccup sends my cost soaring higher. I and the country will never get out of this mess without reforms now. Why wait until 2010? Teh second half of the financial crises (Credit Cards) has not hit yet but I predict will within the next six months.

Reforms NOW!

26 Posted by Peter Paladin at 12/30/08 02:34 PM

If we have learned ANYTHING from the mortgage crisis, it is that lending money to poeple who can't pay hurts EVERYONE! We need to stop the upcoming credit card crisis from escalating. Adding fees to the people who DO pay is unfair and will not solve the problem.

27 Posted by Aliza Keddem at 12/30/08 02:34 PM

We must protect consumer from usurous practices.

28 Posted by Stephen Stanton at 12/30/08 02:36 PM

Justice delayed is justice denied.

These provisions should be passed into law immediately with retroactive effect to June 1, 2008 to prevent the 'grandfathering in' of the credit cards recent price and fee hikes.

They're killing the golden goose that laid the golden egg.

29 Posted by Cdr. Donald D Confer at 12/30/08 02:36 PM

Waiting until July of 2010 is not what is best to stop this bleeding of our economy. I have already had one credit card credit limit dropped and the interest rate on another rised. We have already given Wall Street &/or banks $700,000,000,000 of tax payers money and now the banks want more. This is not the answer. Find the money that has been taken from our economy and put it back.

WE NEED A "GREED LIMIT" put on all institutions that handle large sums of money.

Also, let us stop taxing us "poor" people who are on fixed incomes by sucking income taxes out of social security. Put a zero social security tax on anyone making less than $100,000 per year.

Cdr. Donald D Confer
US Navy Retired

30 Posted by William Quapp at 12/30/08 02:42 PM

Congress -- Do it now. Give them no more than 90 days to implement changes that require software modification and make the law effective immediately.

31 Posted by Mike Sugrue at 12/30/08 02:45 PM

The credit issuing companies need to take responsibility for their operation. Offering cards by mass mailing and then finding a percentage that cannot pay, should not give them the right to change the terms on those who do pay.

32 Posted by Stanley Matthews at 12/30/08 02:45 PM

Come on. Taxpayers bail out banks, insurance companies and auto makers. Give us what is right in regards to credit cards, and do it now, not 2010!

33 Posted by Morris Bol at 12/30/08 02:51 PM

I would like to see the percentage fee for foreign purchases eliminated. For years this was a non-issue, and I highly doubt that there is a significant cost to the card companies that isn't already covered by the merchant fee.

34 Posted by Danielle Buckingham at 12/30/08 02:52 PM

The banking industry has shamelessly abused the public trust for years while mismanaging the billions of dollars it extracted from the public. It neither deserves the trust and respect of the public nor the support of our government and our tax dollars. The banking industry needs to be sternly reined in and prevented from applying double digit usury interest rates when it has access to the lowest primes rates seen in decades. Under NO circumstances should ANY credit card rate be more than single digit above and beyond the prime rate. If banks cannot manage to be profitable charging single digit rates above and beyond the prime rates they need to get out of the business. They have had years to financially rape the public, they MUST be Reined in NOW. Enough is enough.

35 Posted by Darlene Knauf at 12/30/08 02:53 PM

As soon as possible, it is Congress' duty to pass credit card reform legislation mirroring that adopted by the Federal Reserve to prevent credit card companies from price gouging in an already crippled economy.

36 Posted by Dr. Michael L Boucher at 12/30/08 02:57 PM

It is REDICULOUS and SCANDOLOUS for congress to make the American people wait 18 months for new laws to take effect preventing credit card companies from jacking up interest rates on existing credit card balances.
I'm sure if this practice affected the congress to the same degree as it does the average American citizen there would be no 18 month waiting period.

37 Posted by Kathleen Gresham at 12/30/08 03:02 PM

Once upon a time in America there were ceilings on interest rates to protect consumers. They were called "usury laws." We need to have them back.

Also, no company should be able to unilaterally change their side of a contract, such as instituting or raising fees on a credit card agreement.

Congress should take a close look at the fees on credit cards. I believe they should be counted as part of the interest rate. In effect, they are. Late fees on credit card debt have been horribly abused to the point that they should probably be made illegal.

At any rate, not only should credit card companies not be allowed to further jack up the rates and fees till 2010, those rates and fees should be rolled back by law. Some of the fees should be outlawed entirely.

38 Posted by Bob Carpenter at 12/30/08 03:02 PM

A GREAT START.

But why are we waiting until 2010?

Make the law effective NOW!!!!!

39 Posted by Marian McGowan at 12/30/08 03:09 PM

I agree with all the above bullets. When will congress start to represent us rather than the credit card companies? 2010 indeed!

40 Posted by David Hansen at 12/30/08 03:20 PM

in support of tougher protections for consumers NOW!

41 Posted by Steve Gaultney at 12/30/08 03:24 PM

Impose credit card changes immediately. Waiting until 2010 is inexcuseable. Congress bails out the fat cats and just leaves us peasants to deal for ourselves. Just like the days of the crusades: run over the peasants that provide the riches for the kings, but lock them out of the fort when times get tough. I am really tired of it and some way there should be a way to revenge. No bad deed goes unpunished. Except to the rich.

42 Posted by Bill at 12/30/08 03:34 PM

Hmmm.When it comes time to vote themselves a raise there is no 18 month delay. This is one sorry representation of their voters! This new law needs attention imediately to help now!!!

43 Posted by Kellam de Forest at 12/30/08 03:35 PM

The big question is why do we have to wait until July 1910? The protection measures can be made by the banks as easily as they raise interest rates now; by the stroke of their computers.

44 Posted by Ellie Fournier at 12/30/08 03:44 PM

Just this year, my own credit card company assessed wildly inappropriate, unexpected, and unfair rate increases to my credit card account. From one month to the next - with no change in balance owed - the amount of my interest payment increased a whopping 120%!! The time it took and the hassles I went through to dispute these charges was tremendous and extremely aggravating. These multi-billion dollar institutions tell their customers that they are valued, yet show them no mercy when trapping them with these unnecessary and completely egregious charges!

Furthermore, the tiny little notices indicating upcoming account changes are written in confusing language and in type too small for most to read without a magnifying glass. Any financial changes taking place on a person's credit card account should require notice using a full-size sheet of 8 1/2 x 11" paper written in no smaller than 12-pt font - not on some small incidental piece of paper that can be easily overlooked & discarded.
Obviously, it's not to the advantage of credit card companies to do so.

Why are huge banks being bailed out of their financial crises with billions of dollars in lickety-split timing, when the common folk that drive the economy are required to wait 19 months for lesser relief to be enacted?? It makes absolutely no sense, other than the fact that we all understand how lobbying, big $ business, and politicians get things done...the old "greasing the palm" syndrome.

I, for one, am tired of credit card companies taking advantage of the common people and expect Congress to reconsider the seriousness of these credit card-gouging tactics by immediately enacting the reforms and protections it has established, instead of waiting for 19 months to do so!

45 Posted by Marilyn Dougherty at 12/30/08 03:46 PM

Our family needs help now and not in the middle of 2010 from all those unfair credit card practices. This is especially important as my husband is one of the unfortunate to have been laid off 7 months ago. He is almost 62 years old and having trouble finding a job anywhere near comparable to what he had. We are squeaking by, but if the rates change on the credit cards, we might have trouble meeting our financial obligations. I don't know what else I can do to juggle our finances.

46 Posted by W D Dalloway at 12/30/08 03:47 PM

90 Days are appropriate time for enactment not 18 months.

47 Posted by Ryan at 12/30/08 03:48 PM

As it has been shown before, approximately every year that a credit card company has a debt they are collecting, they add interest and fees to the original debt, 2:1. Say I now owe $10,000, and then something happens to me, that I can't pay. A year from now, I will owe $30,000 due to interest and fees. $30,000!!!! How is someone that can't pay going to get out from under that! That is only 12 of those months. There is no reason for Americans to wait 18 months for relief from predatory lending.

48 Posted by Mike Korner, Iowa at 12/30/08 03:49 PM

Thanks for passing the initial changes but I don't understand the delay in implentation. Sure these changes can't happen overnight, but 18 months? Please do the honorable thing and let the credit card companies know this is URGENT by moving the effective date up by one year. Please make the changes take affect on July 1, 2009. Thanks.

49 Posted by VIKKI CLARK at 12/30/08 03:50 PM

I DO NOT UNDERSTAND THE REASON WE MUST WAIT UNTIL 2010 FOR THE CREDIT CARD COMPANIES TO BE REASONABLE WITH INTEREST RATES AND FEES. THE CONSUMER NEED FOR RELIEF IS IMMEDIATE.
THE CREDIT CARD COMPANIES DO NOT GIVE THEIR CARD HOLDERS THIS MUCH NOTICE OF INCREASING IN HIGHER INTEREST RATES OR FEES. YOU HAVE GIVEN THE MESSAGE THEY CAN TAKE ADVANTAGE OF THE CONSUMER FOR ANOTHER 18 MONTHS.
THIS BECOMES ANOTHER SIGNIFICANT SIGN THAT THE WRONG PEOPLE ARE MANAGING OUR AFFAIRS.
SO SAD.

50 Posted by James at 12/30/08 04:02 PM

The unrestrained abuse of credit by those who have cards is only exceeded by the decietful practices of those who issue cards and both must be educated and regulated to insure that the current abuses cease; regulation and education is the key to correcting the mess, I have learned my lesson the had way; good credit can get you in worse trouble than bad credit.

51 Posted by Ferdinand Schumacher at 12/30/08 04:02 PM

Thanks you Consumer Union for your help in this matter. I agree with all your points and urge you to continue forcing the issue so that something is done now and not 18 months from now. During that time their lawyers and lobbyists have enough time to figure out how to get around the new rules.

Sincerely

Ferdinand Schumacher

52 Posted by Thomas Duffy at 12/30/08 04:05 PM

What kind of Boneheads are they? To delay the start of this legislation is unbelieveable. We need a law right NOW!

53 Posted by Emilio Ruiz at 12/30/08 04:05 PM

The credit card companies already have risen the interest rates in anticipation of the new lame Fed rules.
I want to see the obvious interest hikes insisted upon by the banks
rolled back. There was a time when this was considered equivalent to loan sharking.
Stop the lobbies and let congress do something they are our employees.

54 Posted by ethan ellis at 12/30/08 04:06 PM

These proposed changes will especially benefit people with disabilities. our average income is $18,000 a year and many of us have been denied the education needed to decode the obfuscating language in which credit card obligations are written.

For that reason, I would suggest an additional change that would limit the grade level of the language that can be used in those statements to sixth grade (studies show that, on average, federal and state legislators read on the ninth grade level.

Thank you,
Ethan Ellis, President
Next Step

55 Posted by Ken Schuster at 12/30/08 04:07 PM

Anybody know what the word "usury" means? Has it been erased from the American language? While you're at the dictionary, maybe you can find something that explains at what point capitalism becomes extortion.

56 Posted by Robert Binder at 12/30/08 04:08 PM

Changes in card rates and fees, arbitrary limit reductions, changes in procedures, and interest modifications, have provided a long time one-way stream of revenue for the crdit card industry. It is time and more than time for Congress to stand up and make fair and reasonable changes take effect on March 1, 2009.

57 Posted by Deborah Ebersold at 12/30/08 04:09 PM

I think if you can keep banks and auto makers from going under right away, you can do the same for consumers. It's not right that credit card companies can bilk us and cause us to get further in debt. By 2010 who knows if we can ever dig ourselves out then.

58 Posted by Mary Riker at 12/30/08 04:24 PM

We need the reforms IMMEDIATELY. No matter how good or damaged our credit is we are all being battered by the credit card companies and banks. It is grossly unfair and immoral, and they are doing this on OUR BAILOUT MONEY. They need to be stopped NOW, not a year and a half from now.

59 Posted by Gordon Ray at 12/30/08 04:25 PM

Unbelievable these were not imposed July 2009 or earlier.

60 Posted by Mark Steele at 12/30/08 04:29 PM

We need for Congress to enact these rules asap.

61 Posted by Margaret A. Wood at 12/30/08 04:30 PM

New rules to take effect in July 2010 will let the credit card companies to behave immorally for another year and a half!! This is ridiculous.

62 Posted by R Scott Pyron at 12/30/08 04:31 PM

I am appalled that in these days of high personal financial stress, in particular, that our elected officials have chosen to give this extended delay to the credit card businesses. Need for red tape time? Yes! For this amount of time? Ridiculous!

And that this time when our populace needs to have more money and access to reasonable credit the move appears amazingly insensitive and inappropriate.

63 Posted by MARVIN SLATKIN at 12/30/08 04:33 PM

The approved legislation should take effect ASAP. 2010 is too long to wait. And all credit card companies should be required to notify cardholders of the regulations in 10 point type.
The wording and format should be the same for all like contracts throughout the industry. Comparisons among providers would then be more easily made.

64 Posted by Maxine Kingsbury at 12/30/08 04:34 PM

I don't even know where to begin. The Federal Reserve Bank Is charging approximately 0% to banks for some loans yet they don't want to prevent those same banks from changing my rate from 18% to 29% without telling me until halfway through 2010? The taxpayers have shelled out $700,000,000,000 to banks that are using the money for executive bonuses and shareholder dividends and not loaning that money to anyone and the Fed wants to give them an additional 18 months to continue to deceive and gouge taxpayers?

Why?

65 Posted by Jane at 12/30/08 04:36 PM

I think the above noted changes need to be placed into effect immediately. I can't think of a reason why they should to be delayed. The rates credit card companies charge are extremely high in relation to the cost of money and unjustifiable.

66 Posted by Melvin & Marsha Barnhart at 12/30/08 04:36 PM

The regulators are coming... no wait, they've set up camp and won't arrive for another year and a half.

Key government agencies and leaders in both parties agree that card companies shouldn't be allowed to jack up your rate on your existing balance, or only apply your payments to the lowest interest debt. Yet we're supposed to wait.

But why? It is not a technical problem; credit card issuers could program the changes immediately if they had to. Instead they are given a free pass to fleece us for another 18 months.

Congress really needs to up their approval rating but seem to have forgotten citizens vote, not companies.

67 Posted by Beverly Littlefield at 12/30/08 04:36 PM

I have been negatively affected by some of the capricious practices of major credit card companies(reduced credit availability, increased interest rates)for no credible reason, since I have never been late with payments or defaulted on payments in any way. In one instance, the credit card bank violated the Fair Credit Reporting Act by not providing adequate explanation of the reasons for the changes. I have yet to receive a response to my letter protesting the actions taken. I realize that many individuals have not been responsible credit consumers and that credit card companies certainly should be able to take reasonable steps to curtail losses due to defaults on accounts. But shifting the costs of losses in other business lines to credit consumers is unpardonable. I am a recent retiree with a relatively comfortable income, but still, the arbitrary practices credit card companies have used in protecting their interests have affected my credit rating. One man in the Atlanta area found that a credit card company had reduced his credit line based on the zip codes of the businesses where he shopped. That is "red-lining" and is illegal. I welcome the proposed changes and urge Congress to act to enact legislation that will expedite implementation of much-needed consumer protections. There is no reason for delay.

68 Posted by Ansel Malcom at 12/30/08 04:40 PM

Why the delay? Credit card holders need this kind of protection from the blood-sucking credit card companies NOW! Personally, I hope that Congress puts these kinds of protections into legislation ASAP, before the credit card companies screw us any further!

69 Posted by Marion Smith at 12/30/08 04:47 PM

We shouldn't have to wait 18 months !! Banks, AIG, Big Three auto and GMAC didn't have to wait (18 months), why should consumers ?
I've been unemployedfor over 18 months, my savings are almost gone and Citi Bank just raised my APR.
I say enough is enough and congress should start paying more close attention to the millions of consumers that are in desperate need of their considerations.

70 Posted by Joe Worsham at 12/30/08 04:48 PM

I find it ridiculous to wait for the new rules to go into affect. These new rules should be in place at the beginning of 2009. We are spending huge amounts of tax payer money to bail out business that have mad bad decisions and they should not be allowed to charge the tax payer even further.

71 Posted by MaryAnn King at 12/30/08 04:50 PM

Why the delay in implementing these overdue changes in credit card regulations? Just one more way to shaft the consumer? Credit Card companies dc whatever they want, when they want, with almost no notice & now the Federal Reserve is going to give the credit card companies until 2010 to get it changed to benefit the card holders? Who's side are they on?

72 Posted by Ann Krisher at 12/30/08 04:52 PM

I haven't thought this out real well, but I think
congress should re evaluate the credit card law.
There are so many people out of work and they are desperate, if they would lower the rates charged for late fees to something managable, have the monthly minimum lower so they can pay their bills,
the companies would then be receiving money coming
in regularly, because the people could probably pay the minimum payment if it's reasonable.
I'm afraid if something isn't done, there are so many crimes happening, violent ones, robbing people at gun point, robbing banks at gun point. these are very dangerous times, with very desperate people out there. So Congress please get off your butts and start getting things straigtened out. This is the best country in the world, and if we all work together we can make it even a better country, LETS GET GOING.

73 Posted by Michael Forma at 12/30/08 04:59 PM

Congress has, for years, given the credit card companies and banks carte blanche to play havoc with our economy. This weak legislation is a joke; even if it was all implemented immediately. Are we supposed to take this seriously?
The only possible reason for delaying its implementation to July, 2010 would be to allow the credit card companies more time to coerce the legislators into further weakening the the statute.
If Congress wanted to get serious about this they would implement a usury law. That should get their attention and force them to clean house with regards to some of their their more questionable lending practices.
At least my neighbor's dog won't be able to run up a huge balance on his credit card.

74 Posted by Kay H at 12/30/08 05:03 PM

The credit card practices discussed aren't fair. I didn't know that I was signing up for all of these possibilities when I got my credit card. Issuing pages of small, legal print that you can do this or that you have changed your practices isn't enough; a past deal I've made shouldn't be allowed to change in this way. This is beyond unfair.

I'm paying off my balance and do not intend to use a credit card again until these practices are corrected! You'd better pass that legislation soon, or I'll get used to just paying cash!!!!!!!

75 Posted by Jeff at 12/30/08 05:05 PM

With the state of the economy, I feel it is imparative that Congress make into law the above listed improvements. With as many people as there are losing jobs, homes, and cars, how can waiting 18 months help. People need help now. Card companies did everything but spend the money for people to get them into this position, by having 0% for months, incredible limits for undeserving people, and allowing families to switch balances back and forth. Now that they are over a barrel, companies want to recoup their money on the people that have a little and can barely afford to pay the extreme fees. This then brings more people into the bankrupt arena. Congress needs to do something now.

76 Posted by Mark Bajorek at 12/30/08 05:06 PM

This is just another example of discrimination against the middle class. Many of the financial institutions who received immediate bail out money with little or no restrictions are granters of these credit cards. Yet, those of us who use these cards and need immediate relief from their usurious rates and unfair practices are required to wait 18 months! Congress needs to enact these regulations for immediate implementation.

77 Posted by William Floor at 12/30/08 05:11 PM

It isn't that complicated: Congress should do what's right. What mucks things up is when Congresspersons forget why they are there and who they represent -- which many seem to religiously do once they get to DC. What if it were their sons or daughters -- or themselves -- being impacted? That should ALWAYS be their starting point in decision-making. To push this legislation out to 2010 tells me that those now in Congress once again lack the backbone to do what they KNOW is right, and to do it NOW. Otherwise, why'd they even bother running in the first place, to go on some kind of ego trip? What a sad state of affairs ...

78 Posted by David Williams at 12/30/08 05:15 PM

We've given the financial community free reign for long enough -- just look at the mess we're in. Credit card reform should start now, not in the middle of 2010 as the FTC is proposing. Show some leadership and institute change today.

79 Posted by Dave Jewell at 12/30/08 05:15 PM

This needs to go into effect NOW

80 Posted by Janet Oesterling at 12/30/08 05:29 PM

Please inact legislation to stop the practices that credit card companies are using. They have free reign to increase rates and penalties at the consumers expense, while using the tarp money and still tightening credit. People need relief now, not 2010 which will give the banks two more years of unfair practices.

81 Posted by Sue M. Blair at 12/30/08 05:40 PM

The delay in enforcement is scary. Won't they all raise everything possible before that date??
It makes no sense - it's like giving them a chance to sock it to us even more before the deadline. I think the changes are great and will certainly help new users in the future, but what about us old users who might be in worse shape than if nothing was done?? How can we force Congress to act NOW?!

82 Posted by Allan Lowe at 12/30/08 05:41 PM

Please stop unfair credit card rate increases now, not in December 2009!

At least: (1)restrict increases in APR on existing balances; (2)give adequate notice of increases affecting future balances; and (3)stop inundating young people with credit cards, even if they have income (let them make their own choices).

83 Posted by Betty Bernard at 12/30/08 05:45 PM

Sounds like some improvement, but the date is entirely wrong by 15 months. Curb the abuse quickly to keep families out of further economic trouble at your delay in making the needed changes in a timely way - the sooner the better.

84 Posted by Reuben Schuetzle at 12/30/08 05:56 PM

Congress gave the credit card billions of bale out money, what are you going to do for us the tax payer to bale us out? The credit card companies issued cards to people that did not qualify. That was not my fault. I have excellent credit now but if they are given free rain on on increased rates in 2009, how in the world can I pay it. Are you going to give us bale out money? I would rather you pass the new law effective immediately to save the millions of us from going bankrupt or getting bad credit (or worse) Their bad decisions are not our fault.

85 Posted by Jennifer Gharrett at 12/30/08 05:59 PM

Congress doesn't care about consumers -- they are more interested in protecting the assets of the banks at the expense of the middle class. The practices of the banks holding my credit cards are unethical and only a few years ago they would have been illegal. Charging interest rates of 30% and more, sending out bills and giving you one day to send in the payment or requiring the payment to be received two weeks before the due date so they have time to post the entry. Then they give you HUGE late payment fees even though the payment was mailed on time, but how can you prove it? The banks act more like the Mafia than respected financial institutions. They've done this hand in hand with Congress. The U.S. is turning into a banana republic where only some entities have the money and power.

86 Posted by john hunter at 12/30/08 06:03 PM

The rules should start 01/01/2009
The credut card should get the same notice they
give their customers!!!!

87 Posted by Frank Diana at 12/30/08 06:05 PM

Postponing the new credit laws until July 2010 is outrageous!

After all the financial companies have done to ruin the world economy and bring the entire world to it's knees, politicians STILL cannot do the right thing.

Let's hope that the voters have the backbone to boot every long time incumbent out of office!

88 Posted by Lindsay Humpal at 12/30/08 06:21 PM

This legislation will help credit card holders like me, but it need to take effect immediately. Our economy demands nothing less. Waiting a year and half will send hundreds of thousands of hard working Americans into bancruptcy and worse.

89 Posted by Scott Souchock at 12/30/08 06:32 PM

These protections should implemented NOW, not in July 2010, at least by July 1, 2009, a full year ahead of schedule. Why is there a delay?

90 Posted by Mar at 12/30/08 07:08 PM

Immediately upon taking office, the Obama Administration needs to take swift and sure action to reign in those blood sucking parasites, namely credit card companies, who have been feasting upon the life blood of the American consumer for decades. Reaganomics has been proven to be a failed, bankrupt economic theory that, when allowed to run its full course, results in the economic implosion we see unfolding before our eyes every day. The credit card companies, along with the rest of the credit and banking system, needs to be re-regulated to the point where they won't be able to blink without an unbiased check and balance.

91 Posted by Robert Kaussner at 12/30/08 07:16 PM

As someone who has been paying exhorbitant interest on my credit card debt for several years (due to being one day late on a payment to Chase three years ago), I am pleased to see the new rules adopted by the Federal Reserve Board.

Nonetheless, I am disappointed to see that they currently are not scheduled to take effect until a year and a half from now. Millions of hard-working American citizens need relief now, and congress has the authority and ability to enact the new legislation now, and not a year and a half from now. I strongly urge you to take action now, as millions of decent Americans need these changes urgently.

92 Posted by Jesse at 12/30/08 07:17 PM

Why wait for July 2010?
Make the "new rules" effective sooner.
Why not July 2009?

93 Posted by Bob Wallhagen at 12/30/08 07:35 PM

The changes to Credit Card rules that were passed this past month, are long over due. They should have been enacted a decade ago. It is unconscionable that the current legislation will not take effect until 2011.

94 Posted by Loren Davis at 12/30/08 07:49 PM

There is no reason to delay implementing this. Please implement this promptly.
Thanks

95 Posted by Peter P at 12/30/08 07:55 PM

Random, arbitrary credit card interest rate increases, along with other high-handed and browbeating practices must be reigned in immediately, not 18 months in the future.

96 Posted by Valerie Macchi at 12/30/08 08:14 PM

Wachovia just sent me a notice increasing my interest rate on Feb. 2009. My payments are never late & I pay $600 a month even though my minimum payment is &140! No specific reason was given for the increase. By the time this goes into effect, my other credit cards can raise their rates too so that the law will have no impact at all.

97 Posted by Gregory at 12/30/08 08:15 PM

If this is the right thing to do, then lets do it now and not wait 18 months. Families are having enough trouble in our down economy, without having to be tricked into paying more interest, then what they where led to believe they would be paying.

Lets pass a bill to implement consumer protection now, not 18 months later.

98 Posted by Doc Ross at 12/30/08 08:21 PM

What about NOW?!? I've got a crushing debt that JP Morgan Chase VISA refuses to identify as belonging to my ex-wife, she and the Colorado courts agree, and they LIE, ignore all mail in writing and HARASS me day and night with phone calls, EVEN AT WORK!!! Since when did these corporate bullies take over running MY government? I'm legal, I'm pissed and I vote! NO amount of finger pointing, mis-directing, NIMBY or any other such nonsense is going to be tolerated. Are you Gov't cronies just JP Morgan's bitch? Are you REALLY getting enough out of this unholy union to sustain you for the time that you will serve? HOW DARE YOU!!?

99 Posted by Ms. Stacey A. Ward at 12/30/08 08:34 PM

All of the changes are wonderful -- now let's have Congress enact them now!!

100 Posted by Alton Donatto at 12/30/08 08:43 PM

Expose all congressperson who have received donations from the credit card companies. List the amount received AND their corresponding voting record on this matter. That goes for you too, future governor Fienstein.

101 Posted by Norman Williams at 12/30/08 08:49 PM

Why do we have to wait till 2010 for this legislation to go into effect? Why not now!
There are 11 common sense reforms that should go into effect now.

102 Posted by Candace at 12/30/08 08:51 PM

These proposed reforms should be enacted as quickly as the credit card companies opted to demand their higher rates and fees. I know all credit card companies could help offset their losses by not inundating my mailbox with unsolicited credit requests!

103 Posted by Mary at 12/30/08 09:15 PM

Congress could give irresponsible Wall Streets investors and corporate banks hundreds of billions of our tax dollars in a week. But they can't pass a law that will protect we taxpayers without giving those same crooks another year and a half to rip us off. Wake up America!

104 Posted by Donna Parsons at 12/30/08 09:23 PM

I see no reason why these new regulations must wait a year and a half to be implement. At most, I'd think 6 months would be generous enough for the credit card companies implementation!

I support the Consumers' Union recommended COMMON SENSE REFORMS and agree that Congress should immediately turn them into new law and JANUARY is when it should be done. We consumers need ALL the help we can receive in this devastating economy we are all having to endure. Congress is partially responsible, in my opinion, for this financial mess, for lax regulations. There is enough blame to go around to lots of people, but Congress must take its share, in my opinion, and start to make amends to the American people!

105 Posted by Manuel Perez at 12/30/08 09:39 PM

While we the consumers are heavily indebted and seeing our nest egg disappearing due to the failures and greed in the financial sectors, the credit industry continues to be given opportunity on top of opportunity to take unfair advantage of already overburdened taxpayers. All we demand is to be given a fair break: we were asked to finance the largest financial incentive in our history because the banking industry must remain viable. By the same token we the consumers need to remain viable in order to restart the economy with our purchases.

106 Posted by Vincent Domeraski at 12/30/08 09:59 PM

Allowing banks and credit card companies to continue to abuse their relationship with borrowers for another eighteen months is unconscionable. Increasing the suffering of people who have fallen prey to the promotions of creditors, not read the absurdly fine print and assumed that by simply following the rules as stated in large print, they would not be penalized is not only unfair but it is also bad for the economic future of the country.

Banks have had it their way for the past twenty years and we have seen where it has taken us. Rates of 25% or more are still usurious, even though they may be legal. Raising rates for people who may have entered a period of financial difficulty, according to some measure that the banks have subscribed to, simply punishes the borrower, increases short term profits and makes insolvency more probable. Recent changes in the bankruptcy laws have also provided even more security for lenders and less for borrowers.

107 Posted by Johanna Sayre at 12/30/08 10:19 PM

congress should pass relief for bank customers from the heavy fines levied by banks.The relief should be passed now, not in 2010, and banks should stop treating customers as though the institution were doing the sustomer a favor. The points the Consumer Union is raising concerning flooding students with credit card offers, and other pressure tactics, are absolutely valid.
banks should grasp that their dealings which have led to the housing crisis, and their subsequent behavior regarding the bial-out moneys have tainted ALL money institutions. Every bank which has been involved in machinations and dishonesty should just be closed.
J. Sayre

108 Posted by Carol Daniels at 12/30/08 10:26 PM

I suppose I should be pleased, but I am not. How about July 1 of 09? Or better yet, immediately, for, in fact, there is nothing here that is so complicated as to require much time. Bottom line? ASAP on each item. Just stop what they are doing unfairly NOW. Then freeze top rates at 15% until they can figure out formulas. They manage to RAISE rates peremptorily, so surely their computers can reverse the raised just as easily!

Interest rates should be able to float like a home equity loan, period. I recognize that there will always be an interest rate "spread" based on credit, and the point spread should be public knowledge and a consistent formula for all. I would like to see no more than double the going home equity rate. (Dream on, Carol!)

Thank you for your good work and keep it up. Carol Daniels

109 Posted by Michael Lamar at 12/30/08 10:31 PM

These common sense rules seem to be the least congress can do to protect consumers from the credit card companies' uncontrolled price gouging. Many of these companies have been given money from the government meant to free up credit. Instead they are hording this cash to protect themselves from more losses due to their financial mismanagement.

I DEMAND that our elected leaders force the Federal Reserve Board to immediately put new rules in place to protect every consumer!

110 Posted by Robert Bandy at 12/30/08 11:10 PM

I don't see why these changes cannot be made effective in the first half of 2009. Waiting until 2010 will put more consumers at risk of being bankrupted by unfair credit card policies.

I have good credit, but recently was told by Bank America that they were canceling one of my cards that had a zero balance ($20,000 credit line) and reducing my other card I have with them from $18,000 credit line to $2700, which was just above the balance I owed on it.

I have never missed a payment with them.

These kinds of changes can wreak havoc with anyone trying to negotiate these turbulent times.

I urge you to adopt these changes as soon as possible.

Robert L. Bandy
Denver CO

111 Posted by Jerrie at 12/31/08 12:04 AM

I think that Congress should pass the credit card reforms immediately. To do otherwise suggests that it's members benefit personally from the delay and we've had enough of that too!

112 Posted by Jim Green at 12/31/08 12:13 AM

These changes need to go into effect before January 20, 2009. If they don't then congress should be fired. We need a new leader to rule the country with an iron stick. And, to srick it to the rich folks that run the credit industry. Unless the country is ready for a second revolutionary war, the credit card companies and the banks need to give consumers a break. Else, the consumer will break with the establishment and creat a new union with the original constitution interpreted the way our forefathers had planned.

113 Posted by Katherine Snow-Davis at 12/31/08 12:55 AM

It is time for money lenders in America to be accountable and responsible businesses in support of the American public instead of attempting to legally rob and bankrupt them. STOP these extortionist practices now.

114 Posted by Dr. Stanley J. Zawada at 12/31/08 01:54 AM

I agree with all the proposed reforms.

115 Posted by Sam Solomon at 12/31/08 05:20 AM

Consumer abuses by credit card companies and banks have largely continued unchecked for many years. Now that Congress has taken action to curtail SOME of these abuses,the Federal Reserve has delayed implementation of regulations to enforce Congressional action for 18 months. It makes no sense to have such a delay. Credit card issuers could make the necessary changes in their practices and procedures easily. It's not as if they didn't know that more stringent rules were on the way.

It's essential that Congress act quickly in the next session to order the Federal Reserve rules to become effective immediately and to give credit card issuers no more than 45 days to comply.

116 Posted by Peter Belmont at 12/31/08 05:20 AM

The USA must curb the excfesses of the CREDIT CARD INDUSTRY.

TODAY. 2010 is too late. People are suffering.

High interest rates are forcing people into bankruptcy.

A NEW FEDERAL LAW is needed to enforce STATE USURY LAWS or to set a uniform USA USURY LIMIT (of 15 %)
for credit-card debt.

PLEASE DO IT TODAY!

117 Posted by David Churchward at 12/31/08 06:15 AM

They should also mandate a reduction in the allowable interest rate. Current rates are way too high. They should be capped at no more than 12%.

118 Posted by Gene at 12/31/08 06:51 AM

I agree these changes must happen now! I also suggest the scam of fico scores be challenged. The people must demand the dismaneling of these tools of financial slavery, by those who profit from them. I want our 750 billion dolars back! Enough is enough. Let's find a way to effectively chalenge and win this battle against fico next.

119 Posted by Wilfred N Gauthier at 12/31/08 07:08 AM

I think these are much needed legislative changes but should go into effect ASAP not 18 months from now. Congress has made a great start but now needs to finish the job and enact these rules immediately otherwise the card companies have the same license to gouge consumers they have had all along.

Thanks!

120 Posted by John LiMarzi at 12/31/08 07:37 AM

I guess USERY is no longer a valid term. If a credit card is used for anything other than convenience, it is a risk. Any balance overage, even accidental or as little as 1 cent results in penalties disproportionate to the amount. Misleading practices such as "minimum payments" which do not even cover the interest would be called LOAN SHARKING if done on the street.

Putting Americans in debt has proven very good for the economy, until recently, but it is overall bad business and teh exhorbitant profits reaped by credit services are not warranted.

Congress should have the intestinal fortitude to change the current banking practices outright and immediately to the benefit of the people and the country as a whole. Before Citi Bank is bailed out with my money, they should relinquish some of the obscene profits the gain by overcharging me (and also their association with ball parks and other venues named for them).

I do NOT expect action from my elected officials because of their dependance on funding from those they are suppposed to protect me from, but, you never know, maybe they will have the guts to act instead of getting into bed with Republicans!

121 Posted by Greg at 12/31/08 08:09 AM

The changes should be implemented sooner. There is no reason to give the credit card companies 18 more months of abusive practices! Don't let them give you that crap about being unable to change their computer systems - I am a programmer and I know that if management wants something done bad enough, it will get done.

If they persist in the delay, then Congress should pass a law making the CC companies responsible to retroactively give consumers the cash equivalent of their delay.

122 Posted by suzanne wimsatt at 12/31/08 08:10 AM

Congress needs to pass the new credit card rules NOW not in July 2010. Rates will continue to rise for the next 1 1/2 years, consumers need protection NOW.

123 Posted by Alvin Harris at 12/31/08 08:14 AM

I think these new rules at worst should apply within 90 days.

124 Posted by W. L. Head at 12/31/08 08:31 AM

If it is wrong to make financial instutions rich on the backs of the poorest among us, what does it say about congress to delay justice until 2009? Are you trying to make them homeless before they get relief, or just grandfathering them in?

125 Posted by D. Hooker Hailstone at 12/31/08 08:59 AM

WE need Creadit Card releaf now! Not in July of 2010.
You have given banks all kinds of money, an they are still taking more from the people.

126 Posted by A. Louis Toledo at 12/31/08 09:18 AM

Congress should proceed immediately to enact legislation implementing the rules passed by the Federal Reserve Board to protect cardholders from some of the credit card practices that drive our costs, like unexpected rate increases, short payment periods, and the allocation of your payment only to the lowest interest balance.
Congress can pass these same protections and more as new legislation and get it done right away so incoming president Obama can sign the as part of the financial overhaul of the economy. Credit card reform is critical to stabilizing our nation’s economy because we need it to stabilize everyone's household economy. As consumers get control over their debt, so will the country.
The new rules will stop consumers from being gouged in the future, but they won't help the many consumers whose card companies have already demanded higher rates and added fees. According to the Wall Street Journal, "Credit-card companies in recent months have raised interest rates on certain cards to offset losses in other areas." The time to act is NOW! The economic recovery should start as soon as possible and consumer protection to free up and encourage credit should be a key component.

127 Posted by Donna Smith at 12/31/08 09:33 AM

Consumers need help now. Did Congress make the banks wait?

128 Posted by LYNDA OLSEN ADELSON at 12/31/08 10:06 AM

Greed has been the guiding force of our government for the past eight years. Why does it take TWO YEARS to get the greedy credit card companies to lower their rates? Because it's oh so complicated? No -- because virtually every member of congress has been bought by K-Street lobbyists. Our leaders think we're all dumb, but we're not AND WE NEED RELIEF FROM OUTRAGEOUS CREDIT CARD RATES YESTERDAY, but certainly in 2008. If it's so easy to raise them virturally overnight, why does it take two years to lower them. GREED.

129 Posted by James Glatt at 12/31/08 10:10 AM

Comgress should make all of the cited rules effective on Jan 1, 2009.

130 Posted by Robert Banks at 12/31/08 10:11 AM

Giving the credit card companies 18 months to put people in the poor house is rediculous. We give the banks over 700 billion dollars and our thanks from these companies is to destroy peoples budgets for no reason. I just received notice myself on the first of what I imagine will be many of my credit card companies that the interest rate on my Citibank card is raising next month from 9.9% to 24.9% for no reason what so ever. It was not an introductory offer. It was even stated in the offer that 9.9 was the permanent rate. I have paid all of my monthly statements on time and have never gone over my limit, but my interest rate is still rising 150%!
If all of my credit card companies do this to me, it will be difficult to make ends meet and I make a decent living wage.

131 Posted by Sally at 12/31/08 11:13 AM

Congress must protect it's constituents from usury because these big corporations can't be trusted to ethical (obviously!). Credit card companies are killing the middle class and you have to do something immediately to stop them and protect us!!

132 Posted by John Boyle at 12/31/08 11:35 AM

I think debit cards should be nationalzed. they are the "cash" of the future. Paper money is headed to extinction. As with health care, small business is asked to carry the costs of these transactions. Fees and charges should be regulated and minimized.

Credit cards should be standardized as to income level and ability to pay. Advertising should be vetted for transparancy and truthfulness. The Consumer Union recommendations are well thought out and need to be implemented quickly.

133 Posted by Robert Roth at 12/31/08 11:39 AM

PLEASE guve this your attention

134 Posted by Cassandra B. Lista at 12/31/08 11:41 AM

It is horrendously disappointing that Congress isn't more helpful to the people it supposedly serves.

135 Posted by Gary James at 12/31/08 01:37 PM

Why do we have to wait until 2010 for the Banks to change the interest rates in credit cards. Why can it not be done NOW!

By 2010 no one will have any more to pay the credit cards because of the interest rates. It sounds to me like the United States Government does not have enough authority to implement this ASAP and this is this is the truth.

136 Posted by Michael Janover at 12/31/08 01:46 PM

I find it offensive that Congress - those who have sworn to protect the People and the Constitution - is delaying credit card reform for over a year! These same representatives and senators couldn't wait to send huge chunks of the Treasury to bail out the banks and their CEO's, who promptly spent a good part of this money to buy more goodies for themselves, rather than give relief to homeowners and shareholders). It is very clear who the Legislative Branch is in bed with, who pays for their campaigns, and who lobbies with fists full of money. But it's detestable.

The banking industry (including the credit card companies) is rife with abuse and corruption. They arbitrarily raise interest rates and fees, arbitrarily change the rules, and they settle disputes with their own arbitrators. They peddle their cards to children or people who have little or no understanding about the dangers of debt. What they do is not that different from the common loan shark.

And yet, these industries are crying already that they stand to lose "billions of dollars" because of the new regulations. This is not money that belongs to them. This is money they intend to steal or extort from their debtors.

To Congress: Have a little decency. Correct these abusive practices NOW - not a year-and-a-half from now.

Thank you.

137 Posted by Joseph Voelmle at 12/31/08 02:06 PM

we need it now

138 Posted by Daryl Shute at 12/31/08 02:12 PM

While many Americans are hanging by a financial thread that, in many cases, was caused by unscrupulous banking and credit practices, Congress is proposing too little too late to make a real difference to millions. It is long past time for you all to protect the Americans you purportedly represent and not the multi-national corporations that seem to drive your consciences and actions.

139 Posted by John W. Neff at 12/31/08 02:38 PM

The proposed changes loog good, but I am retired now and need the relief today, not two years from now!

140 Posted by Rocket 88 at 12/31/08 03:33 PM

These banks have been given a 750 Billion Dollar line of credit from a corrupt government,"the Bush Administration", and We the People, are left picking up the tab. This reform isn't even close to be enough reform, soon enough. We have to go back to Congress now and demand this regulation, NOW! We are becoming a Facist State. This economic shell game is going to destroy our Democracy.

141 Posted by D S Tangri at 12/31/08 04:12 PM

An 18 month delay is tantamount to an open check grace period, to these, profit first bunch of bean counters who have less than no regard for public welfare.

Do what is required now, you are in whatever position of authority to ensure the public good, do your job and stop bailing out morally bankrupt businesses

142 Posted by Ben Cottle at 12/31/08 05:01 PM

We have a new President who has promised change and the country needs reform now not in 2010. We are facing economic hardships and the heavy handed actions by companies who helped to create the issues is simply a slap in the face to their customers when they impose sudden changes in the terms of their extended credit when they so freely handed it out previously. We need fairness in the markets and an end to greed as usual.

143 Posted by Don Wallar at 12/31/08 05:31 PM

Given their freedom to make their own credit rules,unrestricted by repealed legislation limiting onerous, usurious practices, the finance industry has created entrapment credit mechanisms operating like their creative mortgages that are defaulting now.
They seem more interested in financial"gotcha!" than in doing an honorable,needed credit business helping consumers grow and acquire possessions.
Unless Congress takes steps effective NOW, the financial damage will grow, the bankruptcies will grow, the consumers will be marked Poor, the banks will whine about their poor credit risks and they will ask for more federal bailout money.
Make the new Federal requirements effective immediately -just like the credit issuers do.

144 Posted by Byron Sykes at 12/31/08 06:18 PM

We shouldn't just reduce the penalty interest rate increase we should eliminate it. Make the Maximum Usurious Interest Rate at 5.000000000000 percent and have NO fees to pay by phone or internet. Afer all you want us to pay, don't you? And if you say well we get charged that much then go negotiate a better deal. If you can't do it bet I can!! And while we're changing theings let's change this. How about sending any and all changes to your blind customers in Braille. Amazing how we can put stuff in Spanish for any legal or illegal alien but there is no Braille for us blind people who were born here!! We might get our bils in Braille but not those "Notices".

145 Posted by Jacoba van Sitteren at 12/31/08 09:13 PM

These rules should go into effect immediately. Why give banks the freedom to be unfair for an additional 18 months? When we make rules against stealing we do not say: "Go on stealing for another 18 months, but after that you have to stop!"

146 Posted by Jacoba van Sitteren at 12/31/08 09:13 PM

These rules should go into effect immediately. Why give banks the freedom to be unfair for an additional 18 months? When we make rules against stealing we do not say: "Go on stealing for another 18 months, but after that you have to stop!"

147 Posted by kathleen bovello at 12/31/08 09:39 PM

Consumers need protection from usurous interest rates and harsh changes in repayment terms NOW!

148 Posted by Dave McCormack at 01/01/09 06:24 AM

This Whole thing sucks! Lets get this straightened out NOW!

149 Posted by Craig Wax at 01/01/09 09:10 AM

Dear C.U. and all Americans,

Credit is not a solution, it has become the nation's biggest problem. It adds to the costs of every good and service that accepts it as payment and has brought the nation and states to bankruptcy by deficit spending every year. Credit should only be used for and be available for large purchases like businesses, homes and cars; that's it! It should not be used for everyday necessities and recurring bills.

The credit cartel and federal government has given us the chains to be credit driven slaves of the credit industry. We need to break the chains and pay for goods and services with cash and checks, not plastic-fantastic-slavery cards.

Best wishes for good health,
Craig M. Wax,DO
Family Physician / Host of "Your Health Matters" on 89.7 WGLS-FM
http://wgls.rowan.edu/episodes.html?feed=YOUR_HEALTH_MATTERS
Http://HealthIsNumberOne.com

150 Posted by walter Denley at 01/01/09 09:42 AM

its time for you to return representing the voters and not big business.

151 Posted by Scott Drown at 01/01/09 01:05 PM

The steps by the Federal Reserve Board in regards to credit card protections are great - but come a little late and are postponed for a ludicriusly long period. People need relief now from practices which are almost as predatory as those of sub-prime mortgage lenders. Banks will not clean up themselves as witnessed by the credit crisis and their use of the TARP funds. Congress needs to act to make these protections law much sooner.

152 Posted by Wayne Carver at 01/01/09 01:45 PM

Congress needs to enact these rules now!

153 Posted by hobo62 at 01/01/09 04:56 PM

Too little, Too late. Dump your credit cards.

154 Posted by Harriet Zoller at 01/01/09 05:11 PM

While the rules set to go into effect in July 2010 are good, they really are too little, too late. Congress shouldn't wait another 18 months to correct what is already long overdue. Further, I'm disappointed to learn that, among other shortcomings of the rules, apparently there are no restrictions on young people with little or no income continuing to receive credit cards from banks. They are doomed to bad credit before they even reach adulthood.

155 Posted by Susan Collins at 01/01/09 05:47 PM

I urge Congress to put these credit card reforms into effect NOW. It seems everybody at the top in this country is being well protected, even though they have run their companies into the ground. Average consumers who make their payments on time are currently subject to the whims and caprices of the credit card companies and deserve protection - NOW. I have personally experienced very unfair cutbacks in credit limits, increased rates due to simple misunderstandings, and other annoyances. The credit card issuers have had free rein for long enough -- it is time to corral them and give THEM limites.

156 Posted by Eleanor Yavarone at 01/01/09 07:48 PM

Rules must go into effect NOW not a year from now.

I just paid off all my credit cards -- and the APR's were increased. Of course they offer some excuse. They say I was late once or twice. How do I know it's not just corporate greed.

At this time, to charge a credit rate of 18 to 23% is unconscionable.

Thank you, Consumers Union for representing my concerns at the highest level.

157 Posted by Patricia Newbury at 01/01/09 07:59 PM

Too many of us who live on fixed incomes cannot afford any more fees. Besides, we are taxed to death as it is. Your fees may not be considered tax you credit card companies, but WHO bailed them out?!\ Oh, yes, credit card companies must bow to the Feds and when they write their own policies, all are affected. We need this ruling to happen NOW! There is no excuse to give multi-billion dollar businesses a whole year and a half to figure out another scheme to dupe the consumer. Feds: FIX IT NOW!!

158 Posted by Lee Dale at 01/01/09 08:30 PM

I think Congress should act on this important issue NOW. I as well as thousands of other are victims of these devious practices

159 Posted by Kyle Ruggieri at 01/01/09 09:02 PM

Waiting until July 2010 is unacceptable. The proposed changes by the Federal Reserve Board should take effect now, in 2009.

160 Posted by Chance at 01/02/09 04:26 AM

The citizens of the U.S. very much need their own stimulus package.

Acting expediently is essential in staving off the inevitable domino effect that will occur, if millions of Americans cannot afford to pay their bills, purchase essential goods, or obtain necessary services.

2010 will be too late, for too many.

161 Posted by David at 01/02/09 09:09 AM

As I have stated before we need to get orginized crime out of the banking industry. Stop them from laundering drug monies, lobbying congressional people and unrealistic usuary rates. They seem to be doing what Al Capone and Myer Lansky were doing in the 1930s - 1940s era. Loan sharking, extorsion, bribery etc. etc.

162 Posted by Holly Parrott at 01/02/09 09:23 AM

The idea that any changes will be delayed until 2010 is ridiculous! We need help now!

163 Posted by Charlie at 01/02/09 10:31 AM

The credit cutoff and rate increase has already happened to me from BOA! I’ve had 3 of these cards for almost 10 years and never missed a payment. I carry about a 25% to 30% balance on the 3 cards. Because of Hurricane IKE, I had to spike one of the cards to a 50%. The following month I was given an option by BOA. To continue to use the card with a jump 29% interest from 9.9% or payoff. I was also reduced on the other 2 cards to just over the present balance which if I haven’t double paid the due, I would have been OVERLIMIT with interest tacked on. Because I now show I have 3 cards over 50% usages, my FICI credit score dropped 15 points!

164 Posted by karen at 01/02/09 01:59 PM

i tried to get two of my card companies to reduce my payments or lower my interest rate and neither one would do so. wells fargo told me they would only do that if i was late or not able to make payments. in other words, someone creditworthy like myself has to RUIN their credit to be cut a break by your credit card company. the best they could do for me was tell me to take out a home equity loan to pay off my debt. then as a real slap in the face- wells fargo sends me a survey to fill out to see if i was"satisfied" with their customer service. the real kicker-- they sent me a dollar!

165 Posted by Steve Thompson at 01/02/09 02:06 PM

Why do we have to wait until 2010? This is a start, however we should have some limits on the amount of interest that can be charged. What happened to our Usuery laws?

166 Posted by Raymond Groesbeck at 01/02/09 02:44 PM

Why must we wait for these changes? Who benefits besides the credit card companies? I hope the new administration will tackle this as soon as it takes office. They should not only stop inundating young people with credit cards if they don't have adequate income, they should not give credit cards to anyone who has no job.

167 Posted by Clyde Ewalt at 01/02/09 03:24 PM

I do not understand the delay in implementing immediate changes to credit card abuse. PLease override the Federal Reserve delay until July 2010 and pass legislation right away to implement these changes..

168 Posted by Livingston Chrichlow at 01/02/09 05:09 PM

Congress should move ahead and continue to put forth protections for the consumers. Goughing by Credit Card Companies should be addressed in a firm manner.

169 Posted by James A Mc Dowell at 01/02/09 05:33 PM

I'll forward this to my Senator (Menendez) but could you send a copy of your blog to Senator Lautenberg. Hopefully we can use this issue as a starting point to get the congress to do something of a positive nature for this country.

170 Posted by William Bellot at 01/02/09 10:12 PM

I can't imagine why you would hold off this important legislation until 2010. We need immediate action on this issue! From what I've read, it is rather obvious that you are enacting reform measures that would be much appreciated. Is there some reason that you feel it necessary to permit the credit card companies to feed off the unsuspecting crowd other year? They hit the consumer with devastating changes and no warning.

171 Posted by Victress Jenkins at 01/02/09 10:23 PM

Why are you waiting so long to make these changes take effect? People need these changes now - not next year!!!

172 Posted by Toni Grenz at 01/03/09 08:15 AM

Something has to be done sooner that 2010 to stop these despicable "Legal Loan Sharks"!

173 Posted by David Morton at 01/03/09 09:05 AM

It's outrageous that these reforms, mild as they are, should be postponed. Congress needs to make them effective immediately.

174 Posted by Donna Quinn at 01/03/09 02:54 PM

This is a start ...... but I am furious that banks have received a bail-out of Tax Payer dollars with almost no strings attached. After eight years of deregulation, this is the mess we find ourselves in and Congress as well as the White House should be ashamed of their negligence poor management.

Furthermore, these regulations need to be in place NOW, not a 18 months from now. And there should be STIFF penalties for non-compliance by any bank.

175 Posted by Stephen Guy at 01/03/09 04:59 PM

2010 is not soon enough for this reform. I have near perfect credit and have had my credit card company increase my rate for no apparent reason. I always pay ahead of time either pay off or pay much more than the minimum. This is ridiculous and I'm getting gouged. Please enact this reform now!

176 Posted by Eddie at 01/03/09 10:59 PM

This is crazy! Let's just give the credit card company the opportunity to put the screws to every credit card holder in the United States. I got an idea! Put a cap on the interest rates!!! Stop the gouging. I am always amazed at how our government is taking care of the people who are ripping and tearing the United States apart. They need to step in and take charge and set the limits on the APR's and do not hesitate to fine the crap out of them when they do their dirty acts.

177 Posted by Harry Matthews at 01/04/09 07:10 PM

These are all sensible reforms, long overdue.

I was hit with a 35% penalty rate when one payment was one day late. Fortunately, I was able to move the balance to a home equity credit line. But the same bank that hit me with the penalty is now (yes, even NOW!) flooding me with come-on offers.

With banks becoming more and more irrational about lending, it's important to put consumer protections in place as soon as practicable.

178 Posted by John DiFlumeri at 01/05/09 07:19 AM

Please pass these regulations ASAP. Too many peaople are in urgent need immediately!

John DiFlumeri

179 Posted by Michael Munion at 01/05/09 09:48 AM

Pleasee stop the Fiscal Rape of Americans!!

180 Posted by Alan Kardoff at 01/05/09 10:47 AM

Michael Douglas in "Wall Street" said 'Greed is Good.' The ideas and proposals recommended are great except the financial companies/banks got the first bailouts. Even if the proposals above are adopted, banks & credit card companies will
find loopholes. I fully support them. At the same time, people should try to take heed, eliminating
the # of credit cards owned and avoiding new
spending temptations. Things that seem to be too good are...They hurt the consumer big-time. So at the end, we the citizens must pay. Individual
vigilance can go a long way too.

181 Posted by Virginia McElvain at 01/05/09 06:36 PM

The new regulations by the federal reserve board, should take place in the beginning 2009, not July 2110.

182 Posted by Michael Morris at 01/06/09 08:28 AM

Congress should immediately enact strict consumer protection on credit cards. The Federal Reserve Board rules while good do not go far enough. They also take too long to go into effect, July 2010. Banks helped to create this mess with mortgages. Don't let them do the same thing with credit cards. A lot of people can't afford to pay these exorbitant interest rate increases. They also have an exorbitant fee structure on overlimit and late payments. They should make it easier and cheaper for people to pay over the phone or internet. Should we wait until more people default on their credit card balances? Will the banks return to the government with their hand out once more? As a taxpayer I demand my elected representatives work on this problem quickly before it turns into another crisis.

183 Posted by Elizabeth B. Barnett at 01/06/09 09:31 PM

I think Congress should make the new rules effective immediately instead of waiting 18 months. People hit by the recession need help now.

Elizabeth B. Barnett

184 Posted by Hugh Harkins at 01/08/09 03:13 PM

Congress should quickly enact the following common sense reforms now, not July 2010:

restrict increases in APR on your existing balance (in the rules, effective July 2010)

give you adequate notice of increases affecting future balances (in the rules, effective July 2010)

give you adequate time to make your payment (in the rules, effective July 2010)

divide your payment proportionately among different balances (in the rules, effective July 2010)

eliminate two-cycle billing (in the rules, effective July 2010)

reduce the size and duration of penalty interest rates (additional protection for you)

reduce fees for paying over the phone or on the Internet (additional protection for you)

stop the abrupt reductions in credit limits which affect your credit score (additional protection for you)

stop over-limit fees caused by approved purchases, credit holds and finance charges (additional protection for you)

control prescreened offers describing interest rates for which you are not likely to qualify (additional protection for you)

stop inundating young people with credit cards if they don't have adequate income (additional protection for you)

185 Posted by Craig Young at 01/09/09 10:10 PM

The failure of congress to inact some kind of controls on the preditory lending practices being exercised by the credit card companies is unacceptable. They use any excuse to jack up the rate even if you have always paid timely and have a good credit score. The fact the credit card companies can get congress to allow them to charge 27% interest is usuary on it face. Congress is still playing to the special interest groups in allowing this to continue into 2011.

186 Posted by Dave Luckens at 01/10/09 12:05 PM

i know cancer patients who pay their insurance premiums with their credit cards-any arbitrary,increase in the interest rate would shatter their lives-let alone an increase caused by a "credit crunch" which has nothing to do with their performance,but is technically permitted because of the "agreement" the holder has with the company.piecemeal,after the fact "adjustments" in cases like this are no substitute for real corrective legislation-not ameliorative boilerplate written by industry lobbyists.

187 Posted by patrick at 01/15/09 02:15 PM

Why did the Federal REserve Bd. give financila insstitutions so long to comply with their new Rules. The card companies do not give any time to adjust to their arbitrary changes to the use of their cards? Can anything be done to get the Fed. Reserve to make the compliance daye much sooner?

188 Posted by Virginia Davis at 01/21/09 11:08 PM

Someone tell us where to call, write, or go as a grass roots movement to flood the Federal Reserve Board, the Senate, Congress and anyone else with outrage to get this reform date rolled back. It's rediculous.
My credit score went up over the past 6 months to a very respectable level, yet I've received two increases since the Dec. 2008 decision. Not only can these card companies collect unwarranted increased payments in the mean time, it is my understanding that they won't have to roll back the interest when July 2010 comes. HELP!!! Who knows who to go to with these complaints?

189 Posted by Nancy Rice at 01/24/09 04:58 PM

( LEGAL CROOKS)- definition CREDIT CARD COMPANIES. If the Federal Reserve is going to wait until 2010 for these changes to go into effect then they should have put a cap on existing rates that the consumers are being charged. Who is your Congressman or congresswoman working for you or the Credit Card companies? Actually the existing rates on some cards are already too high 24.99% Did any of the people that voted on these new laws think before they passed them? People are fed up with the government the way it is now. When it comes time to vote for these people you should remember the way they voted on this. DO NOT RE-ELECT ANY OF THESE PEOPLE. That is the only way you will get real change and if the people you elect next, do not show that they are working for you don't keep voting for them when they come up for re-election. All of the people's comments on this blog should be sent to our Congressmen and women after all they are supposed to working for us not the fat cat credit card companies.

190 Posted by Michael at 01/27/09 07:17 AM

How can we bail out large corporations in three weeks and take a year to help the average citizen from being raped by credit card companies. I mailed a payment and it was not processed-I had no idea until a robot called to tell me. My interest rate went from 10% to 28% and my finance charge was now 250.00. mMy minimum payment went from 211.00 to 422.00-I can't pay that.
WE need help now! Enough is enough. Mywife had her credit line cut after a perfect payment history and then had the card closed because she reached the lowered limit quickly. Go figure. I want this to stop now! I want our elected officials to make change. Why can't the government pass an emergency bill forbidding creditors from reporting deliquent account for 90 days. Why should one late payment be reported and stay on a person report for 7 years when we are the one's taking care of everyone else. Why should creditors lower or cancel accounts thus effecting credit scores when you have none nthing wrong. For all those creditors that have children in school maybe we should change the grading criteria midway through and one late paper or the idea that they may be late give them an D or F or just change the requirements because it said so in very small print on their syllabus.

191 Posted by marc at 01/27/09 01:29 PM

How can we all band together to stage a large protest to shw we are not going to take this anymore. Can we single out a specific day say Valebtines Day-have heart spare us the misery of excessive fees and random increases.

192 Posted by Richard Morris at 02/03/09 09:39 PM

Credit card interest rates should be capped at a modest amount above prime. The current typical rates of 18%+ or much more amount to usery and should not be allowed by law.

193 Posted by Paul payton at 02/05/09 02:18 PM

BOYCOTT ADVANTA CREDIT CARDS...RAISED MY RATE FROM 7.99% TO 36% WITHOUT BEING LATE OR OVER THE LIMIT.

194 Posted by Mary at 03/06/09 03:02 PM

At what point is someone going to stand up for the middle class? The hard working, tax paying, responsible, fiscally sensible middle class American's who are getting screwed once again to pay for the sins of others?

These credit card companies have gouged all of us for years with excessive and erroneous fees not to mention obscene interest rates. Out of pure, unabashed greed, they've still manage to get themselves in financial straights. Now they have the audacity to turn to us tax payers (the same ones they have been raping for years) and demand a FREE HANDOUT at the same time lowering our credit limits despite good credit histories!!!! WTF!!!

How can this be allowed to take place? I can understand lowering someone's credit limit who is maxed out and not paying their bills, but to do it to the people who are responsible, don't over spend and who meet their financial obligations in a timely fashion? Who in the hell do they think they are?

What a bunch of greedy arrogant bastards. I sure hope they get what's coming to them either in this life or the next and I hope I live long enough to see it happen and laugh like hell in there smug faces!!

195 Posted by Marcus Larson at 04/05/09 10:21 AM

Avanta increase my CC interest rate from 9.79 to 33% similiar to Paul Paul Payton in entry # 19.

I was not late, was not over the limit...Avanta's excuse..."Due to the current economic climate"

At what point will these CC companies realize that increasing CC interest rates "far beyond" normal bank rates or legal state rates for judgements just increases their odds of creating the "very" bad debt that they are complaining about and ultimately why they employ these aggresive predatory lending tactics.

What my major issues with Advanta was the lack of any prior notification that they were going increase my rate.

So far, 4 CC companies have increases their interest rates without a late pmt, over the limit fee...and all pmts have exceeded the minimum due.

The most recent notice from BOA stated that they based their increase on information collected from equifax. Which is an indirect way of saying that since other's have increased you rate...we will too.

The absolute lack of consumer protection when is comes to CC companies is apallling.

America has come to this point by a plan that was contrived to make it tougher for a individual to file bankruptcy. In doing so...it open the door for banks to exploit loopholes in the system with a veiled mission to prey upon consumers when opportunities unfold...like the current economy and Government Bailouts.

The ability to arbitrarily and unilaterally renegotiate lending terms of consumers that have been shouldering their responsibilities to the point of placing consumers in financial harms way is a paramount problem within cc companies without viable advocacy for consumer protection.

Under no circumstances should a bank be allowed to access bailout funds or create circumstances that allow them to become a candidate for bailout funds when they substatially increase cc rates.

Sadly, in the 1980's the federal government passed a special law which allows "certain" banks to ignire state usury limits. Which was further compounded by the most recent bankruptcy laws that went into effect on 10/27/2005.

Here's some interesting...and frustrating information:

According to "LectLaw Library"

http://www.lectlaw.com/files/ban02.htm

ALABAMA, the legal rate of interest is 6%; the general usury limit is 8%. The judgment rate is 12%.

ALASKA, the legal rate of interest is 10.5%; the general usury limit is more than 5% above the Federal Reserve interest rate on the day the loan was made.

ARIZONA, the legal rate of interest is 10%.

ARKANSAS, the legal rate of interest is 6%; for non-consumers the usury limit is 5% above the Federal Reserve's interest rate; for consumers the general usury limit is 17%. Judgments bear interest at the rate of 10% per annum, or the lawful agreed upon rate, whichever is greater.

CALIFORNIA, the legal rate of interest is 10% for consumers; the general usury limit for non-consumers is more than 5% greater than the Federal Reserve Bank of San Francisco's rate.

COLORADO, the legal rate of interest is 8%; the general usury limit is 45%. The maximum rates to consumers is 12% per annum.

CONNECTICUT, the legal rate of interest is 8%; the general usury rate is 12%. In civil suits where interest is allowed, it is allowed at 10%.

DELAWARE, the legal rate of interest is 5% over the Federal Reserve rate.

DISTRICT OF COLUMBIA, the legal rate of interest is 6%; the general usury limit is in excess of 24%.

FLORIDA, the legal rate of interest is 12%; the general usury limit is 18%. On loans above $ 500,000 the maximum rate is 25%.

GEORGIA, the legal rate of interest is 7%; On loans below $ 3,000 the usury limit is 16%. On loans above $ 3,000, the limit appears to be 5% per month. As to loans below $ 250,000 the interest rate must be specified in simple interest and in writing.

HAWAII, the legal rate of interest is 10%. The usury limit for consumer transactions is 12%.

IDAHO, the legal rate of interest is 12%. Judgments bear interest at the rate of 5% above the U.S. Treasury Securities rate.

ILLINOIS, the legal rate of interest is 5%. The general usury limit is 9%. The judgment rate is 9%.

INDIANA, the legal rate of interest is 10%. Presently there is no usury limit; however, legislation is pending to establish limits. The judgment rate is also 10%.

IOWA, the legal rate of interest is 10%. In general consumer transactions are governed at a maximum rate of 12%.

KANSAS, the legal rate of interest is 10%; the general usury limit is 15%. Judgments bear interest at 4% above the federal discount rate. On consumer transactions, the maximum rate of interest for the first $ 1,000 is 18%, above $ 1,000, 14.45%.

KENTUCKY, the legal rate of interest is 8%; the general usury limit is more than 4% greater than the Federal Reserve rate or 19%, whichever is less. On loans above $ 15,000 there is no limit. Judgments bear interest at the rate of 12% compounded yearly, or at such rate as is set by the Court.

LOUISIANA, the legal rate of interest is one point over the average prime rate, not to exceed 14% nor be less than 7%. Usury limit for individuals is 12%, there is no limit for corporations. (As warned, you cannot evade the limit by forming a corporation when the loan is actually to an individual.)

MAINE, the legal rate of interest is 6%. Judgments below $ 30,000 bear 15%, otherwise they bear interest at the 52 week average discount rate for T-Bills, plus 4%.

MARYLAND, the legal rate of interest is 6%; the general usury limit is 24%. There are many nuances and exceptions to this law. Judgments bear interest at the rate of 10%.

MASSACHUSETTS, the legal rate of interest is 6%; the general usury rate is 20%. Judgments bear interest at either 12% or 18% depending on whether the court finds that a defense was frivolous.

MICHIGAN, the legal rate of interest is 5%; the general usury limit is 7%. Judgments bear interest at the rate of 1% above the five year T-note rate.

MINNESOTA, the legal rate of interest is 6%. The judgment rate is the "secondary market yield" for one year T-Bills. Usury limit is 8%.

MISSISSIPPI, the legal rate of interest is 9%; the general usury limit is more than 10%, or more than 5% above the federal reserve rate. There is no usury limit on commercial loans above $ 5,000. The judgment rate is 9% or a rate legally agreed upon in the underlying obligation.

MISSOURI, the legal and judgment rate of interest is 9%. Corporations do not have a usury defense. (Remember that a corporation set up for the purpose of loaning money to an individual
will violate the usury laws.)

MONTANA, the legal rate of interest is 10%; the general usury limit is above 6% greater than New York City banks' prime rate. Judgments bear interest at the rate of 10% per annum.

NEBRASKA, the legal rate of interest is 6%; the general usury limit is 16%. Accounts bear interest at the rate of 12%. Judgments bear interest at the rate of 1% above a bond yield equivalent to T-bill auction price.

NEVADA, the legal rate of interest is 12%; there is no usury limit.

NEW HAMPSHIRE, the legal rate of interest is 10%; there is no general usury rate.

NEW JERSEY, the legal rate of interest is 6%; the general usury limit is 30% for individuals, 50% for corporations. There are a number of exceptions to this law.

NEW MEXICO, the legal rate of interest is 15%. Judgment rate is fixed by the Court.

NEW YORK, the legal rate of interest is 9%; the general usury limit is 16%.

NORTH CAROLINA, the legal interest rate and the general usury limit is 8%. However, there is a provision for a variable rate, which is 16% or the T-Bill rate for non-competitive T-Bills. Above $ 25,000 there is no express limit. However, the law providing for 8% is still on the books- be careful and see a lawyer!

NORTH DAKOTA, the legal rate of interest is 6%; the general usury limit is 5 1/2% above the six-month treasury bill interest rate. The judgment rate is the contract rate or 12%, whichever is less. A late payment charge of 1 3/4% per month may be charged to commercial accounts that are overdue provided that the charge is revealed prior to the account being opened and that the terms were less than thirty days, that is, that the account terms were net 30 or less.

OKLAHOMA, the legal rate of interest is 6%. Consumer loans may not exceed 10% unless the person is licensed to make consumer loans. Maximum rate on non-consumer loans is 45%. The judgment rate is the T-Bill rate plus 4%.

OREGON, the legal rate is 9%, the judgment rate is 9% or the contract rate, if lawful, whichever is higher. The general usury rate for loans below $ 50,000 is 12% or 5% above the discount rate for commercial paper.

PENNSYLVANIA, the legal rate of interest is 6%, and this is the general usury limit for loans below $ 50,000, except for: loans with a lien on non-residential real estate; loans to corporations; loans that have no collateral above $ 35,000. Judgments bear interest at the legal rate. It is criminal usury to charge more than 25%.

PUERTO RICO, the legal rate of interest is 6%; all other rates are set by the Finance Board of Office of Commissioner of Financial Institutions. Judgments bear interest at the same rate as the underlying debt.

RHODE ISLAND, the legal rate of interest and judgment rate is 12%. The general usury limit is 21% or the interest rate charged for T-Bills plus 9%.

SOUTH CAROLINA, the legal rate of interest is 8.75%, and judgments bear interest at the rate of 14%. Subject to federal criminal laws against loan sharking there is no general usury limit for non-consumer transactions. The South Carolina Consumer Protection code provides regulations for maximum rates of interest for consumer transactions. Please consult with counsel for the latest rates.

SOUTH DAKOTA, the legal rate of interest is 15%, judgments bear interest at the rate of 12%. There is no other usury limit. There are certain limitations on consumer loans below $ 5,000.00.

TENNESSEE, the legal rate and judgment rate of interest is 10%. The general usury limit is 24%, or four points above the average prime loan rate, WHICHEVER IS LESS.

TEXAS, the legal rate of interest is 6%. Interest does not begin until 30 days after an account was due. The judgment rate of interest is 18% or the rate in the contract, whichever is less. There are a number of specific ceilings for different types of loans, please see counsel for information.

UTAH, the legal rate of interest is 10%. Judgments bear interest at the rate of 12%, or a lawfully agreed upon rate. There are floating rates prescribed for consumer transactions. Please see counsel for information.

VERMONT, the legal rate of interest and judgment rate of interest is 12%. On retail installment contracts the maximum rate is 18% on the first $ 500, 15% above $ 500. The general usury limit is 12%.

VIRGINIA, the legal rate of interest is 8%. Judgments bear interest at the rate of 8%, or the lawful contract rate. Corporations and business loans do not have a usury limit, and loans over $ 5,000 for "business" or "investment" purposes are also exempt from usury laws. Consumer loans are regulated and have multiple rates.

WASHINGTON, the legal rate is 12%. The general usury limit is 12%, or four points above the average T-Bill rate for the past 26 weeks, whichever is greater. (The maximum rate is announced by the State Treasurer.) Judgments bear interest at the rate of 12% or the lawful contract rate, whichever is higher.

WEST VIRGINIA, the legal rate of interest is 6%. The maximum "contractual" rate is 8%; Commissioner of Banking issues rates for
real estate loans, and, may establish maximum general usury limit based on market rates.

WISCONSIN, the legal rate of interest is 5%. There are a myriad of rates for different type of loans. There is no general usury limit for corporations. Note that a loan to an individual, even if a
corporation is formed, will violate the law. The judgment rate of interest is 12%, except for mortgage foreclosures, where the rate will be the lawful contract rate.

WYOMING, the legal rate and judgment rate of interest is 10%. If a
contract provides for a lesser rate, the judgment rate is the lesser
of 10% and the contract rate.

196 Posted by Lori Lindholm at 04/23/09 11:34 PM

My Chase Credit Card just increased my interest rate and I have never been late and paid over the minimum payment due. HELP is needed NOW! How many people will be forced into Bankruptcy in the next 18 months?

197 Posted by Tim at 04/15/10 11:19 AM

How about this: Be responsible and buy what you can afford.