The Consumer's Union says it better than I ever could....
"The Senate just PASSED credit card reform today. The bill goes back to the House for a final vote TOMORROW.
But the banks hope to derail reform at the very last minute with scare tactics trumpeted on the front page of today's New York Times.
After months of raising rates and lowering credit limits for responsible card holders to make up for their bad investments elsewhere, they say these rules will hurt those very same responsible customers.
These rules are not the problem. The banks are the problem. Don't let them change the subject. Make sure your Representative hears from you right now.
The banks can raise your interest rates, and then slap that higher rate retroactively on charges you already made. They can add fees, lower your credit line and change your due date at any time and for no reason. They like that power, and will say anything to keep it.
After they gambled away their own capital on risky investments and then borrowed to the hilt to gamble some more--they now say the problem is irresponsible American credit card holders. Hardly.
These rules make sure you get the deal you signed up for. If you are offered a low rate, and you charge something at that rate, you will repay that debt at that rate. If the banks want to add fees, they have to give you notice and time to find a better deal. Instead of tricks in small print, you get a card agreement you can count on.
The banks hope to pit Americans against one another so we will stop looking at them. It's the oldest trick in the book. Tell your Representative you aren't falling for it.
The Senate passed this bill today by a large margin--90 to 5! Let's make sure every Representative votes with you, not with the banks."
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