You know those banks that you just bailed out with your money? Well, they are repaying the favor by charging Loan Sharking Rates, if you miss one payment on a credit card or even carry a high balance.
Millions of cardholders have recently received letters from the likes of Citibank, Bank of America Corp., Wells Fargo & Co. and American Express Co. notifying them that their interest rates are going up, in some cases to 30% if a single payment is missed.
JPMorgan Chase & Co., the nation's largest issuer of plastic, has begun charging hundreds of thousands of cardholders a $10 monthly fee for having carried large balances for more than a couple years.
Gee Thanks Citigroup! Glad we're all in this together. Isn't there a call to completely nationalize all of the banks, fire executives who got us into this mess and restructure them completely?
Here is a Rep. Maloney on a Credit Cardholders’ Bill of Rights.
House Financial Institutions and Consumer Credit Subcommittee Chairwoman Carolyn B. Maloney (D-NY) today introduced the “Credit Cardholders’ Bill of Rights Act of 2008” (H.R. 5244), comprehensive credit card reform legislation aimed at leveling the playing field between credit card companies and consumers. The balanced bill abolishes major industry abuses that unfairly hurt consumers while fostering fair competition and free market values.
This passed the House last Congressional Session but stalled in the Senate. We need to pass this legislation.