Take action today to end unfair credit practices! Credit card companies have the power to change the rules - and we are paying the price. Credit companies can raise your interest rate ANY time and for ANY reason, and often do so if you're late paying a completely unrelated bill, like a student loan, heating bill, or medical payment. This is known as “universal default.”
And what about late fees? Did you know that the average late fee is now $35 and that it can trigger a substantial hike in your interest rate? Even more deceptive is the retroactive application of interest rates, where your new, higher rate gets applied to your entire existing balance so that you end up paying more for something you bought months ago. These practices are an outrage, and we want to see something done about it!
The Federal Reserve has asked for public feedback on a new set of regulations that would stop the most abusive credit card lending practices. The new rules are good for consumers, and that's why the credit card industry is doing everything it can to fight them. You can bet credit card companies are using the fees that consumers pay to fight rules that will hold them accountable.
We can't let the credit card companies win. Take action by signing our petition to the Fed supporting the new rules. Help put an end to sneaky and abusive credit card practices. We want credit card companies to grant you more time to pay, allow you to pay off your most expensive debt first, stop retroactive rate increases, and honor paid debt during grace periods.
Hundreds of people have signed our petition to the Fed to change these outrageous practices. Please add your voice and share your concerns about credit cards and debt by commenting below.
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4 Comments
Winkmen
09/22/08 10:24 AM
Ellis
07/21/08 11:27 PM
radams
06/18/08 10:03 PM
spanishjoe
06/17/08 08:40 PM
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