Please Note: Bank of America, Wells Fargo and J.P. Morgan Chase are CC'd on the email. If you have ever been over-charged and at the mercy of the credit card companies, then sign this e-mail petition!
For too long low-income and middle-class consumers have been at the mercy of credit card comanies and their incessant interest fee hikes and service charges. President Obama is stepping up and advocating for limiting increases on rates and fees.
President Obama strongly supports the Credit Card Bill of Rights to Protect Consumers which was approved on April 22 by the House Financial Services Committee by a vote of 48 to 19.
Please supports the Credit Card Bill of Rights. The bill would also increase the advance notice of impending rate hikes and give credit card holders the information and rights they need to manage their credit responsibly.
Banks and credit card companies would have to give at least 45 days written notice before the hike the annual percentage yield (APR) on a credit card. Let's hope the notice is prominatly displayed and isn't in fine print.
While the financial industry lobby is strong, the people are stronger... and more important, the people are angry. Something to seriously consider for the next election cycle.
Thank you President Obama.