I Wonder If Congress Will Make Banks Quit Jacking Up Rates On Credit Card Burrowers.

[Vinnie From Indy]

In these strange times we live in, it seems that American tax payers are PAYING for luxury of being robbed by the very banks we are saving. I have yet to hear ANY real discussion by Congress of reviewing the activities of banks receiving federal aid in regard to their horrendous credit card practices. It is shameful that Congress will not come to the aid of average Americans that are seeing their credit card interest rates shoot into the 20 and 30% range seemingly at the whim of the card issuing bank.

[jwirr]

1. It would definitely help.

[FarCenter]

2. There is a law that goes into effect in 2010

That limits increases on existing balances, although a new interest rate can be applied to new balances.

Chase's report this morning indicates that they are writing off 8.8% per annum for credit card uncollectables.

Therefore, if you are running a balance on your cards, part of the interest you are paying goes to susidize the deadbeats.

Your best revenge is to pay off your balances each month, so you don't pay any interest.

[Kansas Wyatt]

3. Make the credit card interest rates tax deductible again.

Then the government would start playing hardball with the credit card companies.