Sign Petition - U.S. Credit Cardholders' Bill of Rights

[MitchJi]

Hi,

http://pol.moveon.org/creditcards/?rc=homepage

Full petition text:
"We need a strong Credit Cardholders' Bill of Rights that isn't watered down by the big banks--and we need it now."

Don't let the banks water down credit card reform

Right now, the Senate is considering a strong bill that would curb the most outrageous ways that credit card companies abuse their customers.

But the bill is stuck in limbo because too many senators are scared to take truly bold action against the banks.

We need to let Congress know that we're watching them and we expect them to protect us, not the banks.

A compiled petition with your individual comment will be presented to your senators.

 

[Vim]

I would rather just see an end to the credit culture we have. End the Federal Reserve and go back to sound money. In a free market society, banks should have a right to charge as much interest on credit cards as they wish. If the customer is too stupid to take the card and abuse it, that's their own fault. People have to learn to live within their means and stop asking the government to 'fix' their screw-ups. More government intervention just makes things worse.

 

[MitchJi]

Hi Vim,

I would rather just see an end to the credit culture we have. End the Federal Reserve and go back to sound money. In a free market society, banks should have a right to charge as much interest on credit cards as they wish. If the customer is too stupid to take the card and abuse it, that's their own fault. People have to learn to live within their means and stop asking the government to 'fix' their screw-ups. More government intervention just makes things worse.

Sounds fine except that a lot of the bank regulations were put in place after the first depression to protect consumers. You want to get rid of FDIC insurance etc?

The current mess is partially or largely due to relaxing those regulations. A major impetus for more bank regulations is the fact that the large banks are recipients of billions of dollars. Given all the tax payer money they have received is it unreasonable to:
1. Set a 36% cap on interest rates (I'm not kidding, thats the cap they are fighting)?
2. Not allow penalties for prepayment of loans? How does that help to end the credit culture?
3. Not allow raising the interest rate of existing debts (in some cases from 5% or 10% to over 30%) without a 45 day notice?
4. Not allow 100 million plus bonuses to bank executives of banks who received bailout funds?

All of those items are actually under consideration but according to one congresswoman its really tough sledding because the financial sector has the most powerful lobby in the country (translation - they make the largest campaign contributions).

They were given huge amounts of money (which I am in general opposed to) on the theory that Banks and Credit are crucial components of our economy. If they are crucial enough to get huge bailouts then they are crucial enough to be regulated (IM0).

 

[MitchJi]

Hi,

I signed the petition and just received this email in response:

You spoke out for credit card reform, and we won a major victory! President Obama is signing the Credit Cardholders' Bill of Rights.

Retroactively raising interest rates for no reason? Not anymore. Charging you late fees when they're late in processing your payment? Illegal. Giving cards to college students who have no ability to pay for them? Not without a parent's approval.1

Congress passed the bill overwhelmingly, despite opposition from Wall Street. Now, it's critical that we thank our representatives in Washington for standing strong—it shows them that voters will support them if they keep taking on the big banks.

But this is only the first of many victories we'll need to win if we're going to rein in Wall Street, and the road ahead is going to be tough. Can you call your representatives in Washington now to thank them and tell them you're counting on them to keep standing up to Wall Street?

This is a big win for consumers and a big loss for banks that make money by tricking people into taking on more debt than they can afford. And it's proof that when we all speak out, we can overcome even the most powerful special interests.

Despite pressure to weaken the bill, Congress stood strong and outlawed the banks' most egregious abuses.

We need Congress to stand with regular folks this year if we're going to get our economy back on track. That's why it's so important that they hear from thousands of us today—to let them know that doing the right thing won't go unrewarded.

Can you call right now to say thanks?