My own credit score plummeted from an excellent 787 in 2017 to the poor 500s today. This drastic change was not due to an extravagant lifestyle or irresponsible financial decisions. It happened because of one illegal medical debt collection that was already paid by insurance three years prior, and predatory practices by three credit card companies, despite living below my means and paying all my bills on time. My mistake was when I thought I had my card paid off and only caught wind after hefty fines had been applied and the collections harassment letters began. Even though I repaid a personal bank loan worth more than my highest credit card limit, thanks to a reasonable interest rate, this accomplishment holds little weight in the eyes of these institutions. Unfortunately, my situation is not unique.

Every day, credit card and loan companies apply annual percentage rates (APR) that are excessively above 10%, my latest was a staggering 30.24%, and that can easily disrupt the financial stability of lower-income individuals. Furthermore, medical debt—a burden that people have little control over—negatively impacts credit scores, making it harder for people to secure loans or even manage their daily expenses. Years ago, I was denied a loan as a first time buyer for a $34,000 manufactured home in a quiet family park because it was deemed too risky, even with a decent down payment. Instead, we got to endure homelessness and the ever shifting shelter systems that added far more wear and tear to my car before we were able to get settled.

Credit card companies play a critical role in a larger issue that disproportionately affect our most vulnerable populations, often forcing them to depend on credit cards just to cover basic bills. This unfair system means that credit scores do not accurately reflect the true risk individuals might pose. Instead, these scores are skewed by exploitative rates and unavoidable medical debts.

This is more than just numbers on a financial statement. These imbalanced practices have tangible consequences: families are losing their homes at an alarming rate and are forced to rehome or surrender their beloved pets, individuals are trapped in a cycle of low paying jobs or gigs just to avoid gaps in paying bills, people are having to choose between which bills gets paid, their next meal, or putting fuel in their vehicle, and many are losing their overall sense of security and dignity. Yet, despite the looming threats these companies pose to millions, they remain indifferent. Even when confronted with multiple lawsuits, they refuse to alter their harmful practices.

I call for immediate legislative action to make annual percentage rates over 10% illegal for credit cards and loans beginning with current and future debts. Additionally, I urge policymakers to remove medical debt from credit score calculations. These steps would protect lower-income individuals and families from the traps of debt that they had no say in creating. This isn't just about numbers, it's about the true and far-reaching impact it has on real lives. 

Together, we can create a fair financial ecosystem that doesn't penalize individuals for circumstances beyond their control. I ask you to stand with me in demanding these essential changes for a more honest and just financial system. Sign this petition to urge lawmakers to take immediate action and help protect millions from the unjust burden of medical debt and predatory lending rate exploitation.