The time is ripe to write to your lawmakers and urge meaningful reform NOW!

Dankdude

Dankdude

Well-Known Member

Write this and mail it to your Senator and Representative in congress.
It's time that the Predatory practices of the credit card companies are brought to an abrupt end.
++++++++++++++++++++++++++++++++++++++++++++++++++++++


As your constituent, I am writing to urge you to do your part to ensure that Congress passes meaningful credit card reform during the 110th Congress. This is an issue that is very important to me.

In the last decade, credit card issuers have increased the amount of credit they offer more than twice as fast as consumers have taken on debt. American families have turned to credit cards to meet basic living expenses as wages have remained stagnant while the cost of necessities like housing, education, gasoline, and health care have risen sharply.

Card issuers use anti-consumer practices such as astronomical rate hikes for consumers who make just one late payment to another creditor, a practice known as universal default. Hair-trigger late fees charge consumers $40 if their payments are even one day late. Federal legislation is needed to protect consumers against these types of abuses.

Credit card reform is needed to prohibit certain anti-consumer practices in the credit card industry, including universal default rate hikes and exorbitant penalty fees. Adequate reform measures would require adequate underwriting to ensure that each applicant has the ability to pay before taking on more credit, and ensure that companies consider the postmark on the payment envelope before charging a late fee.

I recommend that any meaningful credit card reform would prohibit unfair or deceptive practices by having the Federal Reserve Board establish a standard that prohibits "unfair or deceptive acts or practices" by credit card issuers.

Credit card users need help fighting huge credit card companies, which unilaterally impose unfair terms and lock consumers into a never ending spiral of debt with anti-consumer practices such as universal default. Please make sure that Congress passes meaningful credit card reform this year. Give cardholders a fighting chance!
 
Dankdude

Dankdude

Well-Known Member
The story behind this letter writing campain.....

+++++++++++++++++++++++++++++++++++++++++++++++++

Credit Card Reform NOW!
Urge lawmakers to pass laws to protect consumers from credit card abuses

The time is ripe to write to your lawmakers and urge meaningful reform NOW!
On Jan. 25, 2007, the Senate Banking Committee will hold hearings on credit card industry abuses. Senator Carl Levin, chairman of the Senate Permanent Subcommittee on Investigations, has indicated that he will hold hearings on credit card industry practices in 2007.

Credit card reform is urgently needed! The U.S. must pass amendments to the Truth in Lending Act to prohibit certain anti-consumer practices in the credit card industry, including universal default rate hikes, exorbitant penalty fees and loose underwriting standards that do not adequately gauge an applicant's ability to pay before credit is extended.

Specifically, Consumer Action recommends that you ask Congress to act to prohibit or limit these:

- Prohibit universal default rate hikes on credit card accounts by preventing credit card issuers from increasing a cardholder's interest rate based solely on adverse information they find on the consumer's credit report.

- Prohibit unilateral changes in credit card agreements without specific written consent from the consumer.

- Limit fees charged by creditors by prohibiting late fees on payments that have been postmarked by the designated postmark deadline and requiring penalty fees not to exceed an amount that is "reasonably related to the cost" that the issuer incurs as a result of the consumer's actions.

- Prevent credit card issuers from offering credit or raising credit limits to consumers unless they determine that the consumer will actually be able to make the scheduled payments based on their current income, obligations and employment status.

- Prohibit unfair or deceptive practices by empowering the Federal Reserve Board establish a standard that prohibits "unfair or deceptive acts or practices" by credit card issuers.

When you send your letters, please subscribe so that Consumer Action Take action can keep you up to date by e-mail on credit card reform efforts in the 110th Congress.

We appreciate your support on this important issue for American families.
 
ViRedd

ViRedd

New Member
Yeppers, that's what we need, more federal laws to protect ourselves from ourselves. Before long, they will have us all inside their little box of laws to the point that we won't be able to get out of the box anymore.

I agree that credit card debt is a huge problem for many people, BUT ... who charged all the stuff? Who signed up for the credit card in the first place. Who DIDN'T read the terms of the contract before signing up for the card? I'm afraid that the era of personal responsibility is long gone. Charge the bejeezes out of your credit cards and its the credit card company's fault when ya can't pay when due? Gimme a freekin' break.

Vi
 
medicineman

medicineman

New Member
ViRedd said:
Yeppers, that's what we need, more federal laws to protect ourselves from ourselves. Before long, they will have us all inside their little box of laws to the point that we won't be able to get out of the box anymore.

I agree that credit card debt is a huge problem for many people, BUT ... who charged all the stuff? Who signed up for the credit card in the first place. Who DIDN'T read the terms of the contract before signing up for the card? I'm afraid that the era of personal responsibility is long gone. Charge the bejeezes out of your credit cards and its the credit card company's fault when ya can't pay when due? Gimme a freekin' break.

Vi
Click to expand...
VI, you ever heard of Usery?:finger: :finger:
 
B

bonezilla

Member
usuary was the word given to the "crime" of lending money and charging interest. when it was legalized it no longer became an insult...
+Rep Vi well said, too many people want to blame others for holes they have dug
if you have a problem with credit then PAY CASH
 
N

NoDrama

Well-Known Member
Credit cards are a scam, they are only designed to enrichen the already fat cat banks while enslaving the card user to ever more compounding interest. The problem is on both sides, lenders who make the cards seem like a good deal at first and users who believe that somehow they will be able to pay the card off each month. Most people get Credit cards with good intentions first, but soon they are making the same mistakes the banks depend on for income and before you know it the consumer has dug himself a very deep hole. The blame is on both sides of the aisle IMO.
 
M

max420thc

Well-Known Member
the only letter you can send to a law maker that he would listen to our you would get any response from is a letter with a check in it for a couple of hundred thousand dollar in it..then you will get A LITTLE ATTENTION as to what the fuck you have to say..
if not..shut up and pay the fucking bills they are creating for you and your progeny .:roll:
 
ViRedd

ViRedd

New Member
medicineman said:
VI, you ever heard of Usery?:finger: :finger:
Click to expand...
Med ... You ever heard of reading a contract before you sign it? How about personal responsibility ... ever heard of that? Ever heard of theft, Med? Sign up for a credit line, charge the bejeezus out of it, then don't pay the money back. That's theft. In order to make up for the losses, the credit card companies have to charge high rates to the customers who DO pay.

What an oaf!

Vi
 
Rob Roy

Rob Roy

Well-Known Member
I'm not a fan of credit card companies but, nobody that I know of was ever forced to take a credit card.
Asking the government to intervene really says, "save me from myself" . Besides I think there's something in the Constitution where the government isn't supposed to interfere with contracts...like that would make a difference.
 
CaRNiFReeK

CaRNiFReeK

Well-Known Member
In the near future, I see credit card regulations that penalize credit card users for NOT using credit that is made available to them. As it is, you pay in full, you pay on time, and your credit limit goes up as you pay no interest. What if they started charging you for the credit that you did not use? Then it would be harder to pay on time, and when you did, it would drive your credit limit up, and since you pay a penalty for not using all the credit you have, eventually you would have induvidual credit bubbles bursting all over the place. Every "pop" would represent the shackles being placed around the ankles of an already broken slave. So as a credit card user, you face a balanciing act of paying just enough on your card that your credit doesn't go up, while spending just enough on the card that you don't pay a non-useage fee.

When I cut up my cards, I was suprised to find out that even with a zero balance, my card was still generating service fees that began to generate interest. As I had a balance and didn't know it, they were also charging me for non-payment. Of course, my paperless account did not email me until the card was maxxed again and I was facing collection action. If you decide that cash is king and you want nothing to do with credit cards, then make sure that they really are cancelled. Simply not using the card does not nessesarily protect you from accumulating debt.
 
You must log in or register to reply here.
Top