The Credit Card Trap” (editorial, April 6) notes the contemptible behavior of banks that are increasing credit card rates for the same taxpayer-consumers footing the bill for their bailouts.
When taxpayers are asked to recapitalize banks, they should not be charged for the privilege. Yet the cost of consumer credit has only increased since the first bailout package. While some conditions were imposed on shareholder dividends and executive compensation, there were never any provisions to protect consumers. This is unacceptable.
Last November, I sent a letter to Treasury Secretary Henry M. Paulson Jr. calling for rules that would prohibit credit card companies that received federal assistance from raising their rates. I also cut up my credit card as an act of protest, vowing not to use it until federal action put a stop to outrageous profiteering. I am still waiting.
When taxpayers are asked to recapitalize banks, they should not be charged for the privilege. Yet the cost of consumer credit has only increased since the first bailout package. While some conditions were imposed on shareholder dividends and executive compensation, there were never any provisions to protect consumers. This is unacceptable.
Last November, I sent a letter to Treasury Secretary Henry M. Paulson Jr. calling for rules that would prohibit credit card companies that received federal assistance from raising their rates. I also cut up my credit card as an act of protest, vowing not to use it until federal action put a stop to outrageous profiteering. I am still waiting.
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