If you're mad as hell at your credit-card company, here's your chance to let federal regulators know--and maybe even get something done about it!
Credit Card Reform.org, a project of Consumers Union, publisher of Consumer Reports, is collecting stories from consumers who feel they've been shafted by their credit-card company, particularly in the last few months. As we've reported, credit-card companies have been busy as bees jacking up interest rates, changing fixed rates to variable rates, increasing penalties, and doing other maneuvers to gain the most before the consumer-friendly Credit CARD Act of 2009 goes into effect next February.
Consumers Union supports current efforts to push forward the effective date of the law to December 1 of this year. We're also providing information on the credit-card companies' obnoxious behavior to the Federal Reserve, which in theory regulates such practices. Lauren Bowne, a CU staff attorney coordinating the effort, hopes to highlight a range of abuses by having consumers "share their story with the Fed as a way to highlight the attempts by the card companies to circumvent the law," Bowne says.
If your credit-card company has done any of the following (or something new we've not mentioned here), we want to hear about it:
•Added a new fee or raised an old fee.
•Increased your interest rate.
•Closed your account.
•Lowered your credit limit.
•Took away rewards.
•Raised the minimum payment.
•Made the fixed interest rate a variable rate.
Bowne also is interested in knowing what kinds of documents, offers, and letters credit-card companies have been sending their customers. "I am quite positive that there are more changes out there that we haven't yet heard about," she says.
"The Fed is issuing regulations to implement the provisions of the CARD Act," Bowne adds. "Our comments will encourage them to interpret the legislation in a way that is most protective of consumers. Also, the Fed has broad authority under both Truth in Lending and the FTC Act to determine what paractices are unfair and deceptive. We will encourage them to go farther in some cases and close any loopholes the issuers have taken advantage of."
Here's a link to a Credit Card Reform.org page to tell your credit-card horror story. The deadline to comment is Friday, November 20.–Tobie Stanger












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