Credit card charges: How about a little "bailout" for consumers?

While big financial institutions may be having problems because of their investment s in complex, mortage backed securities, they are doing just fine when it comes to their profits from consumer credit cards.  Too "fine" if you ask me, and they may start looking to our credit cards to make up for their losses. These companies can hike interest rates on our balances or charge us higher fees for no reason whatsoever. I just sent a message to Congress to do something about it, and I hope you will, too!

The Federal Reserve and other federal agencies recently issued new rules for card companies, but then gave them 18 months before they have to comply. When do we get 18 months notice? When our rates go up, we're lucky if we get 30 days! So for the next 18 months, card companies can increase our rates and fees and continue to squeeze us to make up for their losses on Wall Street.

That's why credit card reform must be included in any economic rescue package that goes to the President. This is the economic rescue for the rest of us that won't cost taxpayers anything! It is time to prohibit credit card companies from arbitrarily hiking interest rates on our card balances, and stop ‘bait and switch’ clauses that let them change interest rates and fees for any (or no) reason whatsoever.

The more people who send a quick message to their Senators and Representative, the better chance we have at putting Main Street, not just Wall Street, first in the economic rescue debate.

Take action at: http://creditcardreform.org/