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Nov 13, 2009
Focus: Consumer Rights
Action Request: Petition
Location: United States

          Mark Udall | United States Senator for Colorado   Offical Web Site Issues Get Help with a Federal Agency Contact Information       TAKE ACTION: Stop Credit Card Companies from Unfairly Raising Rates!
Greetings

Click to sign the petitionIn May, the president signed sweeping new legislation to protect consumers from abusive credit practices.

The bill, which I cosponsored, gave credit card companies until February 2010 to institute common sense reforms, like requiring advance notice of interest-rate increases, banning the practice of universal default, and protections for young people.

Instead of using this "grace period" to update their computer systems and implement the new policies, credit card companies put the squeeze on hard working, responsible credit card users by unfairly jacking up their rates.

Click here to sign my petition telling credit card companies to stop taking advantage of their customers.

Take Ginny Teel, a small business owner whose company "10 til 2" helps pair businesses with professionals looking for part-time work. Like many small business owners, Ginny relied on her credit card to start her business.

But one day, she got a letter in the mail from her bank notifying her that they had doubled her interest rate from 11% to 22% for no reason.

The letter concluded with: "These changes are not a reflection of how you managed your account with us or your credit score." In other words, they did it because they could.

Credit card companies are gaming the system to get rate and fee hikes in before the new rules go into effect. It's wrong, and it has to end.

Please sign my petition today, and help me in my fight against credit card companies that take advantage of their customers.

It won't be an easy fight, but it's the right thing to do, and if we join together, we can stop these abusive credit card practices.

Thank You,

Mark Udall

 

       

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Posted: Nov 13, 2009 7:18am

 

 
 
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