Community | December 09, 2008 | 9 comments

Stop unfair practices by credit card companies

source: http://www.thepetitionsite.com/takeaction/269301993?z00m=18417198

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stopnoise
Target: U.S. Senate
Sponsored by: Consumers Union
Unfair consumer practices led to the biggest financial crisis in a century; don't let it happen again! Stop credit card companies from taking advantage of devastated consumers.

A strong credit card reform bill has already passed in the House of Representatives, but now the Senate needs to act. The proposed bill would force credit card companies to act ethically by:

* Stopping companies from hiking interest rates on existing balances.
* Stopping them from applying your monthly payment to low-interest debt first.
* Giving you time between the bill and the due date so you can always pay on time.
* Stopping interest charges on debts paid off the previous month.

Support reform that will stop unfair corporate practices and protect Americans from a financial meltdown. Tell the U.S. Senate to stand up for the rights of American citizens and pass the Credit Card Act.
  1. groups:
  2. tags:
    Economy,  Credit,  US Current Financial Slavery,  Credit Card Abuses,  1 more
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9 comments // Stop unfair practices by credit card companies

  • csmonut
    • 0
      csmonut  

    • While I can agree with "living within your means", the fact is, that credit card companies need to be reined in.
      Paying off "low interest rates" before the higher interest rates.
      Arbitrarily raising interest rates. (Yes you can "opt out" and cancel the card, however.....

      Another thing that some may not know...

      If a person defaults on ther credit card, but makes arrangements through the bill collector to make smaller payments, the credit card company gets to write off the entire bill, to their tax advantage.

    • 3 years ago
  • Mark701
  • vzeek
    • 0
      vzeek  

    • The credit card companies are vultures, feeding on people who fall on difficult times. The credit card companies are the epitome of what is wrong with today's economy. They lobby congress who empowers them to conduct surreptitious financial practices while hiding under the protective laws of Delaware

    • 3 years ago
  • themanwithadog
    • 0
      themanwithadog  

    • One item overlooked by card users is that credit card companies are put on this earth solely to make exorbitant profits for their shareholders.

      We may be classed as a odd persons but as OAPs we have to watch our finances. My wife draws out cash weekly and all our bills are paid with that cash so that we know exactly where we stand financially. Any large items are saved for and paid for in cash. Our present home was purchased by cash through buying and selling of some of our upgraded homes over the years.

      I may add this was all dueto my brilliant money conscious wife

    • 3 years ago
  • Liberal_Extinction
    • 0
      Liberal_Extinction  

    • How about if consumers learn a little fiscal responsibility in the process as well?

      Why not stop buying what you can't afford?
      Why not set up and automatic draft from your bank for the minimum payment each month to prevent rate hikes and late charges?
      Why not stop begging your babysitters in Washington to sterilize society and protect you from yourself?

      This is coming from someone that payed off 30K in credit cards over the last few years, even during this recession. If someone handed you a pistol and welcomed you to a free round of russian roulette do you have to accept that? Then why would you do it with your credit/ finances?

    • 3 years ago
  • ninthstate
  • motokoinversailles
    • 0
      motokoinversailles  

    • People should really change their habits. I would love to be internationally scene and live large. However, i think i may try to enjoy my modest life without a credit card forever. Going into debt for emergencies like health, why do people think they need more? when are credit cards ever necessary?

    • 3 years ago
  • ackra
    • 0
      ackra  
    • motokoinversailles:

      Credit cards are necessary when making purchases online instead of using an debit card. As well in emergencies if you don't have the cash. If anyone were to steal your credit card less damage will be done then if your debit card is stolen.

    • 3 years ago
  • J_Jammer
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