Dear Monda,
It was unbelievable the first time the credit card companies jacked up our interest rates, doubled minimum payments and tacked on huge fees to try and beat a new February law that will end many of their abusive ways.
Now, they’re at it again, and getting even more creative — but with your help, we can stop them cold!
Thanks to a huge outcry from American cardholders, the House just passed a bill to freeze interest rate hikes on your card balances, and give you new protections starting Dec. 1 — just in time for the holiday season. Now, we need the Senate to do the same!
E-mail your Senators right now to stop the rate increases — we can’t afford to wait!
This continued attack on your wallet is no accident. A major credit card reform law goes into effect in February. The card companies begged Congress to delay its implementation so that they could “update their systems” to comply with the new law.
But instead, they’ve spent the time hitting you with new tricks — like a fee for paying off card balances each month. Or variable rate cards that only “vary” if interest rates increase, but don’t give you the full break if interest rates drop in your favor.
If the companies can retool their computers to accommodate these tricks, there’s no reason they can’t abide by the new rules right now. After the recent bipartisan House vote, we have real momentum to stop these abuses. Now the Senate must hear that we can’t afford the credit card company tactics, especially with the holidays approaching.
Tell your Senators to stop the rate increases and implement reforms NOW!
After you e-mail the Senate, please forward this to anyone you know who is fed up with these tactics. We have immense power when we band together — let’s put the pressure on now!
Sincerely,
Jim Guest
President, Consumers Union
