Credit card companies drain millions of dollars from hardworking American families with tricks and traps designed to ensnare people in everlasting debt. Banks are legally allowed to change your card's interest rate at any time for any reason - even on purchases you've already made!
Recently banks have been hiking rates even on good customers just to boost their profits. Fortunately there's hope for reform.
The House of Representatives has passed a bill which will outlaw some of the worst credit card practices. Now, the Credit CARD Act faces a crucial test in the Senate.
Sign this petition to urge your Senators to stand up for regular Americans, not greedy banks! Ask them to vote for S. 414, the Credit CARD Act, and protect us from unfair interest rate hikes, crazy fees, and other tricks designed to keep us on an everlasting debt treadmill.
Please vote for S. 414! And please support a change to the bill which will make it go into effect as soon as possible. Nine months is too long to wait for relief.
The average amount of debt held by households that revolve credit card balances exceeds $17,000. While even consumers who usually pay off their balances are affected by unfair lending practices, issuers use predatory tactics to target these "revolvers" most viciously.
The Credit CARD Act, among other important provisions, eliminates unjustified rate hikes and unfair "any time/any reason" contract clauses, and requires honest, fair penalty rates. The bill also limits aggressive marketing, and irresponsible lending, to college students without the ability to repay debt.