Sen. Menendez urges banks to adopt new credit card standards now

[nradisic]

Directly from the office of Senator Robert Menendez. He has written directly to the CEO's of the major credit card companies urging them to adopt the new Fed. credit card guidelines now and not 2010. I personally wrote to both my NJ Senators about this last week. I am very glad to see my Senator, Robert Menendez taking the bull by the horns. The banks have already been raising rates on everyone, even good customers like me that always pay on time. I honestly think the banks need to get a reality check and threat of severe regulation helps. I believe we need much more stringent credit card regulations now. It will help the economy recover that much quicker...The Congress just needs to follow through on this ASAP.

http://menendez.senate.gov/pdf/121908CreditCards.pdf

[DJ13]

1. Pleading with those bastards wont work

Congress needs to enact legislation if they really want these companies to do it.

They also need to add tough interest rate caps while they're at it if helping consumers is really what this is about.

[Hawkeye-X]

2. They should add a ENFORCED 1.99% APR mandatory limit.

Screw the credit card companies - they've cheated us out of a lot of money for so long.

They get nothing except the principal with VERY little interest.

I know - I've been trying to pay down those bastards for SO long, and our debt is still at about 25K. It should have been less than 1K by now.

I currently have about 14k on one card at 4.99% interest for the remainder of the balance after we consolidated 3 from their usurious 29% rate.

Hawkeye-X

[Andy823]

3. No threats

Just "REAL" tough regulations to keep them from doing this again! Threats don't work with these guys, they need to be regulated and those who do the regulating need to do their jobs and make sure the rules are followed.