Comments on: Congress Takes Aim At Credit Card Policies

Lawmakers Threaten Legislation If Industry Doesn't Voluntarily Curb "Sky-High" Interest Rates And Fees

[lyndaepostal-2009]

It's about *** time. My husband and I are on a fixed income. He is a 100% service-connected disabled veteran.
About 3 years ago BofA raised the interest rate on our credit card. It went from 13.66% to 19% for no reason. We'd had the card for 33 years, for crying out load. NEVER been late, always paid more than the $134 payments. I called them. To paraphrase their response: Too bad. Then from 19% to 21% (payments are now over $250) and then a payment was posted 1 day late; and the rate went to 32% and the payments over $750 per month (more than 20% of our income)

Following BofA in their quest for even higher profits, other credit card companies followed suit, then the law that changed payments from 2% to 4% (enacted January last year) hit. Then we were done. We are filing bankrupcy now. To say I am bitter is an understatement. If these thieves do not regulate themselves, Congress needs to step up and do it for them.

[rmdenman]

After hearing the news report on March 7 there was relief in our household. We were beginning to think that there was some mismanagement of our credit cards. I began reviewing the statements and how the charges did not make sense. Along with the review there were letters that had to be composed to the credit card companies in question. The charges were excessive and were made at the discretion of the company, meaning they added charges whenever and whatever. My husband and I have two properties that we are paying on in Michigan and are trying to start a little business. Michigan is a tough state to try and make ends meet and this is putting us over the top. No matter how much of a payment we make towards the balance it never seems to be enough. Example - a payment due of 69.00, I pay a 90.00 payment. This does not go very far when there are overlimit charges and the finance charges, late fees, if any and the charge that is made if the payment is made over the phone. It goes on and on. We are in need of some answers and some help. I plan to contact Senator Carl Levin concerning this as my hope is that many do who are in this situation.

[shanev137]

Banks have no money of their own. The money they beg people to borrow belongs to the same people who are borrowing the money.

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Wow, that pretty much says it all.

[jjp735i]

This issue of being screwed by the credit card companies and banks for over the hill charges has been before Congress year after year after year. Like anything that affects the consumer, Congress holds hearing to look like they are doing something, then move on. Just like they will after this hearing. Congress will do nothing and move on. Nothing but a waste of time for everyone.

[anopinion1]

DO NOT BUY ANYTHING WITH YOUR CREDIT CARD THAT YOU DO NOT PLAN TO PAY IN FULL WHEN YOU GET THE BILL STATMENT AT THE END OF THE MONTH.

If people are just plain stupid enough to do this then let the sharks eat them alive.. as for the people in this article charging 3k dollars to build a ramp for his home!!!!!!!!go to a damm bank and take out a loan... dont use a credit card geneous.

we should have no sympathy for them, none zero zilch..

if you cant get a bank to give you a loan for whatever it is you wanna have done then you probably should'nt be spending the money anyway.

[afmca]

Part of the problem is the self-righteous states that promote their lack of consumer friendly laws for a few back office credit card jobs. Delaware promotes itseld as a tax-free mecca but then allows in credit cards companies to screw both their citizens and the rest of the country. South Dakota comes across so self-righteous and they do the same. All this would end if the states would do their jobs and agree to a common set of consumer friendly rules for the banks and credit card companies to do business by.

[antoniof123]

This began in the 80's with the bank deregulation remember that. It allowed banks to do this type of thing with out any government regulation. Let me see Regan said it would be good for the economy. I was an auditor at the time. I quit because I was so disgusted with the failed savings and loans. Please those of you who have no knowledge of finance should shut up because your opinion is worthless.

Before you make that credit card purchase...just remember...if you can't pay the balance in full at the end of the month...you are already bankrupt in your personal finances! You are spending money you don't have and you can bet the vultures will be circling.

[adian1-2009]

Nothing is going to happen. Banks and American Express have a lot of money extracted from consumers, money that in turn they use to lobby legislators. Then, legislators either loosen regulations or pass laws to screw consumers and protect or favor credit card issuers like banks or American Express and others. So, again, nothing is going to happen. During the last twenty years, no rules or laws have been reversed to favor consumers against greedy banks and credit card issuers. Why? Because they have the money, which is what counts for the legislators. We have only a minimal residue of democracy, which is our votes. But we do not know how to use it effectively, or worse, the vote has absolutely no value in a corrupted legislative branch.

[long_rider]

The banking industry needs to have more controls, and limits placed upon it to protect people from greed.

I know an 80 year old man in Ohio who's memory is not what it should be. He over drew his checking account by $2.00, and ended up $835.00 in overdraft fines. I don't care what planet anyone is from - this is not right - just plane greed.

Just look at the ATM industry, just plane greed. Banks try to give the impression that they are friendly, don't believe them for one second, they will cut your throat for a dime.