Senator Mikulski on Credit Card Debt

Recently I vented about how banks/credit card companies were raising their interest rates in an attempt to have us the consumer pay back the money the banks had "borrowed" from us. Sounds like a scam to me. I wrote to my senators and congressman, wanting to know what Capital Hill is going to do to protect.

Senator Mikulski is the first to respond. After you read her response let me know if you think she has a clue about what is going on. Seems to me that she is on another planet.

Dear Mr. Wolfe:

Thank you for contacting me about credit cards practices. I appreciate hearing from you about this important issue.

I have always been a strong advocate for consumers and want to see that consumers are protected from unfair or abusive practices. I know that some businesses take advantage of their customers, charge confusing or unfair fees, and don't disclose sufficient information.

You'll be glad to know that, because of legislation that Congress passed last year (P.L. 109-8), credit card statements are required to include more information about how long it will take to pay off the balance by only making the minimum payment. Unfortunately, many credit cards have required a minimum payment so low that it would take decades to pay off a credit card balance. I believe it is important for consumers to have as much information as possible. Letting consumers know how long it will take to pay off a credit card gives them the ability to make informed decisions about their financial future.

I want to see fair treatment for consumers in all business transactions, and the credit card marketplace is no different. Your suggestions for changes to current credit card laws are very helpful to me. I will keep these suggestions in mind should any legislation concerning credit cards come before the Senate in the future.
Thanks again for getting in touch with me about this issue. Please let me know if I can be of any assistance to you in the future.
Sincerely, Barbara A. MikulskiUnited States Senator
P.S. If I can be of further assistance in the future,please visit my website at http://mikulski.senate.govor call my Washington D.C. office at 202-224-4654

New Direction for Bailout

Yesterday we learned that the bailout is going to change course and go in a new direction. Rather than buying up risky mortgages, to supposedly open up the banks funds, now the money is going to go directly to banks for them to start lending. That's right, the government's plan is to make money available for us to take out loans, get credit cards and go deeper in debt.

Where do they come up with these plans?

The country got in the current crisis due to poor lending practices, now the government is going to provide the money for the banks to do it all over again. Why save these banks? They screwed up and should pay for their greed. Better to support some small and up coming banks that just might have learned a lesson and will follow follow good business practices.

The same is true for GM, Ford and Chrysler. They insisted in putting out the gas guzzling SUVS and pickups and are paying the price. They should pay the price, not me. As I have said, no money to them without very careful controls.

Of course I thought there was going to all kinds of oversight with the bailout, but that doesn't seem to be working. Why isn't Congress all over this protecting our money? I haven't heard anyone say the Treasury Secretary shouldn't change the rules of the game in mid-field.

Even with plus numbers for the stock market today, they do not really foretell a positive change, they rather show greed once again raising its head.

Be careful with your money, any deal that sounds too good to be true is.

Keep an eye on the D.C. gang and let them know when you KNOW they are wrong.

Its Common Sense!