Divorce Money Matters

From one of my favorite consumer groups - Consumers Union - comes this call to action (details below).  http://budurl.com/d8xf  Why are financial institutions being given immediate help and billions of dollars and yet, America’s people have to wait until 2010 for credit card reforms that need to be done now?!  In the meantime, the credit card companies are gearing up to gouge us while they can as they work even harder to make us indebted to them for life.

Yes, it is happening….twice this week I got notices from two of my credit card companies, Capital One and Discover, saying that they are changing the rules midstream as the current rules allow them to do.  Capital One will be jacking my interest rates up to 17.9% even though I have never been late and always pay more than the minimum every month, when possible even paying the full balance off.  The mailing basically said…this is what we are doing, take it or leave it.  If you don’t like it then close your account and you can find somewhere else to go….  So what will be in my wallet will be less of my own money, thanks to them.

So me, I’m leaving, hey Capital One you won’t be in my wallet!  Unfortunately for many people, they won’t be able to move their credit somewhere else due to credit issues of their own.  That’s why we need to take charge and demand accountability in all the financial sectors, especially the credit card industry….what I refer to as "Legalized Loan Sharks."

In the meantime, I’m taking action on this alert.  Hope many of your voices will join me.  ENOUGH IS ENOUGH!  Please add your voice.  http://budurl.com/d8xf

The Banks are at it Again!

Several major banks just hiked interest rates and fees on our credit cards, turning a blind eye to the millions of Americans struggling with the collapsing economy and higher unemployment. Just as we start getting that little increase in our paychecks, we have to turn around and give it to our credit card banks.

Media reports show Capital One hiked interest rates to 17.9% from 12.9%. Citibank raised their rates an average of 3%. While over at Chase, customers had a “choice” of paying a $120-a-year fee and a higher minimum payment, or a higher interest rate. Meanwhile, the interest rate banks charge each other for overnight loans is as low as 0%.

The Federal Reserve Board passed a new rule to prevent these sudden rate hikes, but it won’t go into effect until the middle of 2010. How many times before then will we get slugged with higher rates and fees just so the banks who got billions in taxpayer bailouts can increase their profits?

The chairman of the Senate Banking Committee just reintroduced his bill to put an end to these abuses, saying, “Mark my words: in the coming months, they will end." Other bills also have been introduced to crack down on these abuses.

Let’s help make it happen now. Tell Congress we can’t afford to wait until mid-2010 for credit card reform!    http://budurl.com/d8xf