comments

It’s time to stop credit card abuse

-A +A
The first bank or credit card company that offers the consumer a reasonable interest rate, not to exceed 14.99 percent on credit cards, will siphon off all the business from corrupt banks and credit card companies that dupe consumers with low offer interest rates, knowing full well that if the consumer has an existing balance at a higher rate, the lower rate will be paid off first. If an honest bank or credit card company would guarantee a fixed rate for the debt and agree not to raise interest rates, they would be profitable and have long-term customers. We the people are fed up with the greed and corruption in the banking industry. We want an honest offer we can trust. What nerve for these big banks to take taxpayer money to bail out their greed and corruption and then turn around and dupe consumers with a shell game. Shame on you, the banking industry, for destroying the fundamentals of our economy. The short-sightedness of the easy buck has threatened our national security, cost many their lives and made the debtor nation an equal opportunity. The tea party protesters should also fear unreasonable interest rates on credit cards, as well as our tax dollars going to bail out the banks that caused these problems. President Obama is on top of this problem, but Congress needs to pass laws to protect consumers now. Waiting until July 2010 for a new law to take effect regarding credit card abuse is too long and allows this white-collar crime to continue. Carol Wallgren, Auburn