Give me some credit

Friday, April 24, 2009

It’s become a familiar story. People who pay their credit cards on time every month are seeing their interest rates go up, their monthly due dates changed without warning, and are watching all sorts of new fees pop up on their monthly statements. Well, President Obama (and Sen. Chris Dodd) is fed up with those stories. Yesterday the President met with representatives of the credit card industry at the White House and recited the many ways he would like to see their business model change.

Here at The Takeaway we've been asking our listeners to call in with their stories of credit card woes and the occasional victory. We turn now to two of our listeners to tell their story and make their suggestions on how they'd improve the credit card industry. We are also joined by The Takeaway's personal finance guru Alvin Hall for his take on the President's makeover of the credit industry.
"Congress needs to look at this and say to the credit card companies 'Listen, if you change interest rates on a customer, you need to give them some time to adjust to this.'"
—Financial adviser Alvin Hall on new rules for credit card companies

Guests:

Mark Boettcher, Alvin Hall and Cindy Wyckoff

Hosted by:

Katherine Lanpher and Todd Zwillich

Contributors:

Jen Poyant

Comments [2]

Roy De Young

If we, as consumers, don't send a clear message to the banks that we have had enough, business as usual will continue. Please share our outrage, watch my YouTube on a proposed Bank of America walkout and spread the word!
http://www.youtube.com/watch?v=u6hy4PBo4tE

Apr. 25 2009 10:21 AM
NABNYC

The Democrats keep saying they're going to "reform" the credit card industry and "help" the citizens. But the only reforms they come up with do nothing to really help.

The credit card industry needs to have an interest rate cap of 10% or the federal discount rate plus 5. Late fees should be illegal -- they do not "lose" if payment comes late, since interest continues to accrue on the outstanding balance Cash advance fees should be illegal -- they bear no relationship to any cost to the lender.

The Democrats enact meaningless reform such as 15-days "notice" before rates are raised. What good does it do anyone to get notice when they don't have the money to pay off the card, and all the other lenders are also increasing their rates It is a "right" with no benefit, circus for the peasants.

Let's get some real reform. Let's start by telling our politicians to stop taking money from these parasites and start standing up for the people of this country.

Apr. 24 2009 12:49 PM

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