Take Action: Tell the Fed to Hold Credit Card Companies Accountable

[flpoljunkie]

Tell the Fed: Hold the Credit Card Companies Accountable

Consumers have the right under the new credit card law to have their interest rate hikes reviewed every six months and reduced if the reasons for them have changed. And the law says penalty charges for things like late payments or going over your limit have to be reasonable, too.

The problem: The Federal Reserve Board came out with a bad proposal on how to implement the law. The Fed wants to delay your right for a rate review until next year; let banks claim 'market conditions' are enough to jack up your rate; let them come up with new reasons to keep it high; and not limit the amount of penalty interest rates.

http://capwiz.com/affil/home/

[xchrom]

1. Recommend

[flpoljunkie]

2. Thanks. If we don't speak up, the banks win. Congress, show us the banks don't 'own the place.'