Comments:US Senate committee investigates credit card practices

Latest comment: 15 years ago by 68.61.39.156 in topic credit offers.

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Credit card companies are nothing short of white collar criminals.

They are the Scrooges of modern times - make money at any expense. All thier systems are designed to exploit clients. I wonder that the people working for these companies dont realize the evil they support.

I have yet to do business with any lender that didnt make a mistake. Not one. I think credit card companies have policies of "intentional" mistakes - this amounts to outright fraud.

I once had a good card, from Signet Bank - it got hijacked by some big card company, bank one or some such. I didnt want it to change, and no one offered me any choice - I would have said no. One day the 12% interest rate (up from 9% at the start) jumped to 24% overnight - no reason I could ever find.

In the course of several years many payments (more than 3) were reported late...by 1 day! The single payment I mailed with only 3 days to arrive wasnt marked late - it was the only payment that could have been late. Despite many complaints I've never gotten an apology or money back.

I've finally gotten rid of every card and all card debt. My wife has one store card. By guestimate I figure the various lenders / sharks I've done business easily owe us over $2000.00 for fees and other crap. And thats a reasonable $200 average per company. It is probably actually more!

My advice - cancel all your cards, every one. Find a way to live without them. Cancel all cell phone contracts at renewal time as well. Go pre-paid if you must have one.

-a free man

I would like to extend my sincere gratitude and thanks to U.S. Senator Carl Levin and his associates in addressing the many unfair business practices that Credit Card Companies are employing against the American public.

Please help us! It is apparent that Credit Card Companies greed has no limit. I watched the Senate hearings where several Credit Card CEOs and their associates, attorneys, were testifying and laughing at the Senate Committee members. I taped this session, and when one of the Committee member asked one of the CEO's amount of his salary--he refused to answer the Senator's question. I couldn't believe the contempt the CEOs had for the Committee and its members.

--Does the Credit Card companies realize by charging credit card members 29.99% interest rates to its cardmembers--it is just about impossible for them to pay off their card balances?

--Does the Credit Card companies realize by charging its members a very high interest rates, and accessing numerous fees to its card memers that this practice is in fact robbing its card members of any tangible income that may have had to pay off their credit card balance(s)?

--Does the Credit Card companies realize charging high interest rates and accessing numerous fees to its card members this forces their card members into bankruptcy--and that their actions are in fact hurting--moreover, destroying the American economy and the American way of Life?

--Does the credit Card companies realize charging high interest rates and accessing numerous fees to its card members that this practice is destroying the American Dream? A dream that people have that if they must borrow money--they will be only be charge a reasonable interest rate and fees--which would allow them to pay off their loans/bills completely?

The answer to the above questions is: THE CREDIT CARD COMPANIES, CEOs,AND ITS BOARD MEMBERS DON'T CARE THAT THEIR BUSINESS PRACTICES IS IN FACT DESTROYING THE AMERICAN ECONOMY.

Honorable Senator Levin and your distinguished associates--Please help every card member who has a credit card. Please help the American economy--please help America and the World.

Respectfully,


People of America —Preceding unsigned comment added by 68.61.39.156 (talk) 15:17, 6 August 2008 (UTC)Reply