Credit Card Reform Debate Heats Up

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There is no reason for credit card rates of 20-50% when our inflation is in the low single digits and prime is in similar ranges.
There is no reason for allowing them to rape the american public with that kind of usury.
How about protecting our ecomonmy, and American citizens by putting a reasonable cap on card rates that is not more than 10% above prime?
That help stop the credit card defaults, auto loan defaults, and mortgage loan defaults, when the credit card companies force people into default on all loans by pushing rates and payments several times what consumers initially agreed to with rates less than 10% initially ... or even into bankruptcy where all lenders suffer because of the credit card abuses ... and in the end, all Americans which pickup the tab for those unnecessary defaults.

John of CO 7:08PM April 30, 2009

Unsolicited Credit Cards and Identity Theft
Consumers should be protected from credit card company activities that invite identity theft. The law should prohibit unsolicited credit card applications sent by mail. Require yearly renewal of credit cards in writing and notarized. Prohibit non-bankcard companies from keeping credit card numbers in their databases. Limit credit card interest to 15 percent a year. Prohibit banks from changing debit card transactions to credit card transactions. Prohibit changing personal check transactions to wire transfers without permission of the maker.

Cleon Roberts of TX 11:07PM December 18, 2008

I think that if a credit card wants to charge you outragious rates, fine! Then these banks should have to allow you to open a savings account for 60 percent of the rate they charge. Meaning if the want to charge 25% interest then they should have to offer a savings account that has a rate of 15% interest earned. Seams fare to me... Cause all I see is the rich stay rich and the lower/middle class pay throught there *@#!.

Stan of NY 1:38PM March 13, 2008

People should read contracts and not agree to them if the potential rate increases seem unreasonable. And yes by law banks have to disclose all that information to you when you sign up for a card.

Chip of DE 9:09AM March 13, 2008

It is about time that someone does something to protect consumers. Changing the rules after the game starts should just be illegal. Credit card issuers should only be able to charge the interest rate in effect at the time that the purchase was made, not an inflated rate later on previous balances.

Gino Tortelli of AZ 10:34AM March 11, 2008