Maxine Waters: Banks Screwing Credit Card Users While Rolling In Bailout Money

I have had a CitiBank credit card since 2000. Never late always paid more than the minimum. Just got a letter raising the rate from 17.99% to 29.99%. If I opt out, my credit rating (now 720) will go down. If I stay in I get to pay excessive rates for other peoples mistakes. And Citibank could not car less. Screw the good customers to pay for their mistakes of giving credit cards to people who never intended to pay them back. No more bailout money for banks unless they are willing to pay 29.99% in interest on that money. If they fail too bad.

ceb of PA 8:46AM October 20, 2009

AS obama continues down the same path as president Bush as it seems by helping the banks and allowing them to raise interest rates to 26 to 29 percent and they all or racing to do it seems like before the new law deadline. Every day people I talk to know who liked Obama at first or already becoming distraught and unhappy with him and they think that the seven dollars a week we will get is a slap in the face especially if one out of every 4 americans have serious credit card debt and the banks squander all of this interest money as well as all this stimulus money why doesn't Obama fix this before the economy fails this would open spending money again instead of praying for the stock market to fix the economy even if this happens which seems very unlikely only consumer spending will fix the economy and brink jobs back banks taking everybodys money and putting it in there pockets will not help why not make a maxim credit card rate of 15 to 19 percent which would be more than the interest than most people started out with instead of having america getting more angry with the Obama and democrats everyday trust me it is happening

Larry Hill of IN 2:59PM March 14, 2009

Could banks jacking up credit card interest during a horrendous recession—delay U.S. economic recovery and destroy the expected benefits of the Economic Stimulus Plan?

Millions of Americans now face the prospect of their own economic collapse. As the recession worsens, Americans increasingly can’t pay their credit cards, rent and mortgage payments. Despite these hardships, recently several U.S. banks and credit card issuers—largely jacked up interest rates they charge credit card customers. Consequently it should be expected the large hikes in interest will further choke consumer spending and cause a new surge of credit card defaults and home foreclosures? During the 1930’s banks inflamed Americans and the Great Depression by similarly raising consumer interest rates that forced millions of people and businesses to default on loans. Houses could not be sold. Perhaps Americans in 2009 should ask Congress ASAP, “Could banks jacking up credit card interest during a horrendous recession—delay U.S. economic recovery and destroy the expected benefits of the Economic Stimulus Plan?”

Congress has proposed spending billions of taxpayer dollars to pay for an Economic Stimulus Plan to create jobs, generate bank lending and stimulate consumer spending. How could any Economic Stimulus Plan be expected to succeed if Congress doesn’t act to limit the rate of interest banks charge credit card purchasers? During these bad economic times credit card lenders need to be limited to twelve percent. The current high credit card interest rates discourage consumers from making card purchases at retail and other businesses that would help stimulate economic recovery. Unless credit card interest rates are strictly regulated, credit card issuers could become the main recipient of the Economic Stimulus Plan, sucking up stimulus dollars from Americans forced to pay higher credit card interest on debts they incurred prior.

Sue Riley of NV 12:41PM February 23, 2009

Maxine's comment about her preference that we socialize banking is one more example of the moronic process going on at The Hill. First, Congress establishes Fannie Mae and Freddie Mac. In 1998, Congress pushes through legislation that allowed too many unqualified people home mortgages. Then Congress ignores two warnings in 2001 and 2003 that the two organizations are failing and there are serious problems with the home mortgage system. Now that all of the predictions have come true and the economy failures started and continue with the failure of the mortgages, Congress thinks it is best that THEY take over business? All you have to do is consider Social Security, the failed postal service, the IRS, poor intel about Iraq, etc, etc. Governement waste and stupidity is prevalent. In my opinion, the people who created the problem are now taking more control...the type of control that the immigrants of this country came here to escape from. Where will we defect to in order to avoid the tyranny and incredible tax burden that results from all this?

Very Concerned n Florida of FL 9:49PM February 17, 2009