Senator Levin is holding out a club to banks engaging in “abusive” practices.
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Opinion: It’s about time we give the consumers a carrot. After congress changed the bankruptcy laws to shield lenders from write-offs, credit card companies have been going all-out to get consumers on board the “debt train”. Their charges do not reflect the benefits voted in by congress, and now more than ever, it seems like most credit card offers include a clause stating the lender can change the rates or terms of the agreement for any reason, at any time. What’s the point of the cardmember “agreement” if it does not have to be honored by the issuing company? Come congress – you gave the card companies what they wanted, now it’s time to protect the consumers whos rights you revoked.
Posted under Corruption
This post was written by PoliticsRX on March 8, 2007