The Federal Reserve Board and two other federal banking agencies have released a proposed rule that aims to reform some of the most unfair credit card tricks. But this important new rule of fair play is just a proposal. The banks are fighting hard to weaken the rule before it becomes final.
The rules would:
* Stop companies from hiking interest rates on existing balances (unless you pay late).
* Stop them from applying your monthly payment to low-interest debt first.
* Give you time between the bill and the due date so you can always pay on time. Stop interest charges on debts paid off the previous month.
Don't let the banks win! Read more about the proposal here, and tell the Federal Reserve Board your opinion or a horror story about your credit card company’s practices!
Have you received your credit card bill, only to realize that that it was due so soon that you have to pay it right away?
Do you think it’s unfair when your credit card company suddenly decides to apply a new, higher interest rate to an old balance?
Has your credit card company raised the rate on money you've already borrowed for no reason or for a flimsy reason?
Putting your personal story into the Federal Reserve Board's comment process can help to ensure that this rule is adopted, and that the Fed hears about all types of unfair credit card practices. Tell the Fed about your experiences.
Just fill out the form below to send an e-mail to the Federal Reserve Board sharing your opinion or experience with unfair credit card practices. You must put your thoughts in your own words below--it doesn't have to be long!
The comments you submit will be made available to the public, so don't include your account number. You can also leave out your street address if you prefer, though you should include your city.
- Secretary, Board of Governors of the Federal Reserve System
[Please personalize your message]
Thank you for proposing new rules (Regulation AA - Unfair or Deceptive Acts or Practices - Docket No. R-1314) to curb some abusive credit card lending practices that drive consumers deeper in debt. I urge you to implement these rules in their current form as soon as possible to provide relief to people like me who just want a fair deal from credit card companies. Sincerely,
Americans for Financial Reform started this petition with a single signature, and now has 40 supporters. Start a petition today to change something you care about.