Bailed Out Credit Companies Stick It to Consumers

courtesy of michiel1972

What’s the old saying about “looking a gift horse in the mouth”? Whatever that means, that’s basically what bailed-out banks are doing to taxpayers. Back in May, the federal government passed the popular credit card company reform bill that prohibits banks from raising rates on existing accounts. Sounds great, right? Here’s the catch. Congress gave the companies until next February to comply, because the companies whined about needing time to make the adjustment. Guess what? They haven’t been using the time to readjust their policies. They’ve been using the time to double the rates before the law goes into effect. The NBC Today Show site has the skinny here.

I can’t think of a better way to illustrate the greed and corruption in the banking sector than this. It takes a lot of nerve to run an entire nation’s economy into the ground, beg for money to save yourself and then jack up fees on the same people who threw you a lifeline…

My husband and I have already received several little pamphlets in the mail from our card companies about adjusted rates and our right to opt out, etc. And I’ll tell you the truth, I don’t even read them. Call me an ostrich if you like, but seeing our new higher rates would only get my blood boiling. Besides, with the tight economy, we need access to our credit more than ever. And that’s exactly what these predatory companies are counting on..

Posted by on November 4, 2009. Filed under WorldNewsVine. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.