Archive for the ‘Interest Rates Upped Without Cause’ Category

Why We Need The Credit Card Bill of Rights NOW

February 8, 2009

It’s time to speak out – a #3 “optimism prevails, spread th word, mixing business and social relationships pays off” Universal Day encourages worldwide communication here… www.ellindodge.comOne way to speed household recovery is hastening implementation of The Credit Card Bill of Rights.  Now, credit card companies can raise interest rates without cause and without warning the consumer.  They get away with double cycle billing and use 4 point typeface in complex, legalese explanations.   They have the right to stress consumers – make us old before our time – waiting for the next Credit Card monthly statement that changes our financial commitment and puts budgeting in the dog house.

…we’re learning that Obama was read the “why we need to stay” riot act by General Patreas when he was in Iraq, on Patreas turf …we’re finding out “what exactly” and “how much” was deducted from Obama’s Stimulus Package…and, we are realizing that in two income families, the first to get axed is usually the larger-income breadwinner – the male.  Budgets cannot balance on less than half of the anticipated income.  Equal pay for equal work never seems to break through the slowly shattering, glass ceiling.  So, with job losses soaring…we’re talking more and recovering less.

 

Even the consistency of seeing the pampered pups strut their stuff at the annual Westminster Kennel Show doesn’t help the average person crack a secure, warm and fuzzy and life-goes-on-no-matter the-economy smile.  We need credit card companies to be consistent and trustworthy…they demand that of us = the consumer.

Representative Carolyn Maloney, D/NY, is sponsoring a bill to change the July 2010 implement three month from now.  The July, 2010 date that credit card companies must follow the Credit Card Bill of Rights gives them time to raise rates and the charges for late payment prior to 2010.  The bill says that rates freeze…stay the same after the bill goes into effect.  So, if I have a 4.99% interest rate now and they spontaneously up the rate to 9.99% or 19.99% tomorrow, when the Bill of Rights comes into effect, my rate freezes at 9.99% or 19.99% – whatever my interest rate is in July 2010.  And there’s more…

The Credit Card Bill to Rights includes a change in payment allocation.  Today, payments go to the lowest interest rate.  The Bill states that payment go to the highest rate balances.  There are strong changes that should improve credit card problems for us = the jerks that incurred the debts.

Ifor one, do not intend to stay a jerk – paying off my credit cards indefinitely, if something can be done to speed the implementation of the Credit Card Bill of Rights.   Carolyn Maloney gets e-mail and phone calls and needs to know she has public support.  So, to save myself stress by taking action, instead of just communicating my displeasure at the way things stand and mouthing support for a speedy Credit Card rules change, I’m on it – writing and phoning, Representative Carolyn Maloney, D/NY at:
Washington Office

Congresswoman Maloney
2332 Rayburn HOB
Washington, DC 20515-3214
202.225.7944 phone
202.225.4709 fax

 

Manhattan Office
Congresswoman Maloney
1651 3rd Avenue Suite 311
New York, NY 10128-3679
212-860-0606 phone
212-860-0704 fax

 

Queens Office
Congresswoman Maloney
28-11 Astoria Blvd.
Astoria, NY 11102-1933
718-932-1804 phone
718-932-1805 fax
This is a social invitation while doing “business” and has today’s optimistic vibes in tow…Won’t you join me?
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