Senate Banking Committee sits on Credit Card reform

[flamin lib]

The Senate is currently holding hearings about Credit Card Companies raising interest rates for no apparent reason. CCCs are raising rates now to offset projected losses as the credit crunch deepens and in doing so will hasten the default of even more consumers.

There are currently five bills before the Senate Banking Committee involving the abuses of Credit Card Companies and consumer lenders:
S 1176, Minimum payment warning act
S 1395, Preventing credit card company abuse act
S 1925, Student credit card protection act
S 1530, Rent to own interest rate protection
S 1381, Student loan protection

S 1395 is the most comprehensive bill written to correct Credit Card Company Abuses. It’s been in committee since May. Most bills die in committee and never see the light of day. It’s a method of writing legislation to make a Congressman look good but not really DO ANYTHING.

For a complete list of bills pending go here: http://www.govtrack.us/congress/committee.xpd?id=SSBK Click on a bill and you can find a summary.

Find one that rings your bell and go here to write the committee: http://banking.senate.gov/index.cfm?FuseAction=Contact.Form

Put pressure on the Committee, you know damn well the Banking lobby is.

on edit: There are 31 bills dealing with mortgage, home lending and home owner protections. How many do you think they'll debate if you don't make them feel some heat?