The Federal Reserve Bank issued a proposal this past May to:
prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances
For a limited time, you can add your opinion to this proposal (scroll down and click “Submit Comment” below Regulation AA). You can also look through the existing comments — all 10,000 of them — if you’re feeling bored.
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When I worked at the Fed, I remember proofing a number of articles about credit cards and their policies and whether people read the information that came in their statements, so it’s interesting to hear about this.
Oh man, the Fed comments display everyone’s full names and addresses. Somebody really slipped up there.
or just don’t use them or pay them off every month
During the Carter administration, the interest rates went up to 18%, while the credit card companies were charging only 5%. The credit card companies complained to the government and they were allowed to charge more interest and were given a free ride ever since. Why is it that nobody complains that the credit card companies’ interests are not going along with the interest rates at the present time? I think we should all start complaining and writing to our representatives so the abuse by the credit card companies stops.