Wednesday, July 23, 2008

Give The Federal Reserve a Piece of Your Mind About Usurious Credit Card Fees

USAToady: Our view on credit practices: Card issuers invest in D.C.
Money from fees, usurious rates is recycled as political contributions.

The Federal Reserve has proposed new regulations (!!! during the Bush Admin., no less) to scale back some of the crushing fees credit cards are charging: huge fees on late payment, changing interest rates because of some problem on your credit report, etc. Read about the rules here:

Newshoggers: Fight back against unfair credit card practices

And use this link (scroll down to the bottom of the page) to leave the Fed your comments. Newshogger says they have already gotten 31,000 comments; no telling how many of those are from the credit card industry. I am sure they are asking their employees to comment. Let's pile on from our side.

wikipedia: Usury

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