Now is Your Chance to Change Credit Card Laws

[pennypinch]

Have you ever been hit with high credit card fees or rate increases you were not aware of? Well, now is your chance to speak your mind about it and possibly change credit card laws. The Federal Reserve Board wants to hear what you have to say about this. They have proposed rules and want your opinions. They are open for public comment under the Federal Trade Commission Act through August 4th.

The Board's proposal includes some key protections for consumers that use credit cards, such as prohibiting banks from upping the rate on pre-existing credit card balances and applying payments in a way that maximizes interest penalties.

"The proposed rules are intended to establish a new baseline for fairness in how credit card plans operate," Federal Reserve Chairman Ben Bernanke said in a statement. "Consumers relying on credit cards should be better able to predict how their decisions and actions will affect their costs."

By Jessica Dickler

I know I have a few opinions on the matter and I am certainly going to voice them. I hope everyone who has the opportunity will do so also. We don't get many chances to speak our minds and this is a big issue with a lot of Americans. Don't let the chance go by you.

Read for Details on How to Act

[dollardaze]

Great post, pennypinch!!

I't high time that somebody is asking our opinion on matters that affect us every day. The underhanded practices by the credit card companies and the banks is what has helped in putting the country in such a bad economy.

I hope the legislators listen to us and put these measures in place to stop these practices, and I hope that they are put in place very soon. The credit card companies and the banks have had their way much too long, it's time that the general public gets some help.

[moneysense]

It would be great if the legislators would listen to the public on issues such as these. The way credit cards are set up, it becomes increasingly more difficult to get them paid off.

There is too much interest charged, and the credit card companies go gungho when it comes to penalities.

So yes, we should all voice our opinions, because I agree that the banks and credit card companies have added to the mess we are in right now economy wise.