Call: Make Credit Card Reform as part of the Economic Rescue . . .

[defendandprotect]

Are you ready for the economic rescue package for the rest of us?

While we continue to debate the billions of taxpayer dollars going to corporate America, there's a simple thing Congress can do to help all of us that won't cost taxpayers one red cent.

Congress can finalize common sense changes to the way credit card companies operate NOW--changes that will stop sudden rate increases, give you a reasonable time to make your payment, and apply your payment to all your debt, not just the lowest interest balance.

Call your lawmakers now to pass credit card reform as part of its economic rescue!

All the federal banking agencies have already agreed that reform makes sense--but they postponed implementing new rules for 18 months! That means credit card companies have a year and a half to raise your rates and fees and squeeze as much profit out of good customers as possible before they must change their ways.

Americans need to get debt under control, but card companies are raising rates and reducing credit limits at the worst possible time. The proposed reforms will strengthen our personal economy and in turn improve the rest of the economy.

Use our TOLL FREE number to call your lawmaker today.

Your phone call will remind your lawmakers that you are looking for economic reforms designed to help every family, and you expect them to be a priority.

With your help we have already sent hundreds of thousands of messages to Congress in the past three months supporting credit card reform. Now its time to follow up those letters with thousands of phone calls. After your call, please use the easy form on our web site to tell us what happened when you called. We'll use your information to make sure we have the votes to pass strong reform.

Sincerely,
Lauren Zeichner
CreditCardReform.org
A project of Consumers Union
1535 Mission Street
Austin, TX 94103

[defendandprotect]

1. No one cares about credit rates --?

[slipslidingaway]

2. Link below...done and thanks for posting

https://secure.consumersunion.org/site/Advocacy?cmd=display&page=UserAction&id=1997


And in case you missed this sppech by Senator Dorgan a few days ago, full text here.

http://www.c-spanarchives.org/congress/?q=node/77531&id=8908194


"...So there are credit cards all around, wallpapering the entire country with credit card solicitations. In fact, if you have another card, get rid of it. Bring it to us. We will charge you zero interest for 3 months. We don't tell you, by the way, if you have a little problem one month, we are going to jack your rate up to 25 percent or whatever it is they are doing these days in rates and fees.

The fact is, that dramatic runup in the last couple of decades in credit card debt has been unbelievable, and that is what has been supporting a substantial amount of the consumption.

In addition, about $300 to $350 billion a year has been supporting additional American consumption because of the increase in home values which, of course, represents that huge bubble that was created in home values. That allowed people to believe they had more money because their home was more valuable and they could borrow against the home, and that contributed another $350 billion to the economy. But it was a substantial amount of consumer initiative coming from credit card debt and from home values that they could borrow against which it turns out were illusory increases in home values because those values have now collapsed.

My point is that our consumer-driven economy was driven by, in some cases, fumes that are not going to be around in the future, and we are not going to be able to replicate that to build a new economy with that same kind of debt consumer-driven initiative..."

[defendandprotect]

6. We also need "Statute of Limitations" on student loans ... used to be 6 years ...!!!

now NONE--!!!

Hurts all families in America --

[Bryn]

3. K & R

done! Sent to lawmakers in this area.

[Bryn]

4. I missed payment by 10 days in December

then I got a letter from my credit card co. stating that my interest rate will be at default in February. That if I didn't agree, then they'd take away my credit card. I was never late before. They're getting BAAAAADDDD!

[defendandprotect]

5. kick