Wednesday, May 06, 2009

Senator Bernard Sanders is Fighting for Credit Card Reforms

Senator Bernard Sanders

Vermont Senator Bernard Sanders is fighting for reform in the Credit Card Industry. He has introduced legislation that would limit the interest rates on credit cards to 15 percent.

Sanders writes, on his website:

Credit Card Rip-offs ... People in Vermont and throughout the country are outraged by skyrocketing credit card interest rates. At a time when the taxpayers in this country are bailing out Wall Street financial institutions, these very same banks are charging them 20, 25, 30 percent interest rates on their credit cards.

Sanders has put together a collection of letters from persons who've had unpleasant experiences with credit card companies. You can read these letters online, from Sanders's website. And you can add comments of your own.

Thanks to the Huffington Post for alerting us about this story:

For more information about Credit Cards and Debit Cards, visit Clark Howard's website.

Also of interest is today's New York Times's story about Bank of America needing 33.9 billion dollars:

Watch the Sanders video, on YouTube, here: