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Credit Card Reform Should Be Retroactive


As you may know, Congress and the White House are finally working together to try and stop the most extreme actions of the credit card companies - including cutting credit limits arbitrarily or based simply on where you shop. (Some companies had admitted doing that.

For example some felt if you were saving money by shopping at WalMart then you weren't in good financial shape. Of course normal people would just think you were saving money instead of spending stupidly but credit card companies WANT the people who spend stupidly.

Then there is the question why a company would double your interest rate despite no change in your payment or earning pattern?

Best of all, some actually made the change retroactive to cover existing balances.

Now that is exactly why I got the idea of consumers lobbying their members of congress and the White House, and perhaps even dropping a note to their local TV news anchor and consumer fraud investigator.

The idea is simple. If credit card companies can make retroactive changes to your account, why can't we make the prospective regulations retroactive?

Force them to restore credit to those individuals with good financial records and roll back those high interest rates.

The banks have hundreds of people in Washington right now - TODAY - offering money to congress and reminding elected officials of all the money they got for their campaigns in the past.

But if you can make them frightened enough of losing their cushy jobs it is actually possible to get both the House and Senate to vote in favor of something which would help average voters and not just the very rich.

I showed you how to contact your Senator in an earlier issue.

Find Senator's names and office addresses here:

It is more difficult to learn how to contact people in the House of Representatives. The information which is readily available for the Senate on, just doesn't seem to be there for all House members so you have to look your rep up individually.

However, it is always safe to start with the person in overall control of the House of Representatives, Nancy Pelosi

Office of the Speaker
H-232, US Capitol
Washington, DC 20515
(202) 225-0100

Email site

While you are at it, send a second email asking why all the HR member's contact information isn't organized in one prominent place online.

If you think this is still a democracy and you aren't happy with all that bail out money going to the same banks that are foreclosing on your house and jacking up your credit card bills, then send a polite note to anyone in the Senate or House.

John McCormick is a reporter, /science/medical columnist and finance and social commentator, with 17,000+ bylined stories. Contact John through NewsBlaze.

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