CREDIT CARD MINIMUMS AND INTEREST overcharging

[dogindia]

major contributor to lower and middle class consumer downturn and mortgage defaults. This must be attended to for the economy to rebound. It is usury.

It is criminal.

[elocs]

1. I was surprised on my last Capital One statement that my interest rate had been lowered

from 7.99% to 6.65%.

[CoffeeCat]

2. Have you seen the Frontline special...

...on the rise of credit cards?

The laws were relaxed and changed---at the insistence of the credit-card companies--who used
lobbyists to pressure lawmakers.

Lawmakers gleefully passed legislation that enabled the credit-card companies to making billions
off of the American people--by completely ripping them off.

It is the law of the land---that credit-card companies can raise your interest rates at will. They
can suddenly demand that you make $500 payments if they want. They can charge you $70 late fees
while only giving you 48 hours to pay your bill. The credit card companies have us by the nose
hairs.

It has been designed this way. This is no accident.

Congress allowed all of this to happen to the American people. It's the same deal with the banks and
the mortgage companies. The laws were changed, and this allowed banks to lend to people who were
unqualified and had no business borrowing the dollars they did.

This is not some major, "Oh noes!! What has happened to our economy!??"

Congress and the corporations orchestrated the entire mess we are seeing now.

[anarch]

3. yes, and it's all worked out pretty well up to now

by making sure that the lower classes can't ever get a leg up, and simultaneously making sure that the people who don't really need any more money get lots and lots more of it. Two birds, one stone! God Bless America!

[SOS]

4. It's is way past time to reign in the abuse of banks against us

Return to state usury laws.
No universal default.
Limits of $15 on fees.
No deceptive fine print.
Refinance in Ch. 13 of first mortgages.
Consistent monthly payment date on all debts.
Limit all executive pay to the salary of the President.
Decline debit cards at point of sale if insufficient or uncollected funds.
Eliminate over credit line fees.

There's alot to be done to protect We the People from these criminals.
Let's hope we see some real reform in 2009.