S 414 - Consumer Credit Protection Act!
Replies
WRITE YOUR Senator and tell them to PASS THIS!!!
I'm tired of getting penalized for paying my bill.
I pay about 12K a month on my business credit card. I pay it off in FULL, on time, every month to avoid finance charges. But last month, I was a little short, so only paid 11,000 of the 12K bill. I had to leave 1000 on the bill, and expected to pay interest then on the 1000. But NO, I got slapped with interest for the WHOLE 12K. This is due to one of the many ways the credit card companies are screwing americans. In the end, I will wind up paying almost 400 in interest fees on a credit card that I was shy by ONE MONTH for 1000 dollars. S 414 will make this type of practice illegal, as well as them changing your interest rates without giving you at least 45 days notice. Everyone write congress and demand the government protect ordinary citizens and small business owners from these large unscrupulous banks.
http://banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=801f6a01-ee2f-4246-9e33-26aea62e9eda That's a link to the senate bill in question. The house just passed their version. The senate talked about it today again on CSPAN.