Reform Credit Card Company Regulations
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To: U. S. Congress, U. S. Senate, All State Congressmen, Senators, and Governors:
PETITION TO REFORM CREDIT CARD COMPANY REGULATIONS
In 2004 a report on Credit Cards and Interest Rates was televised and is still available on FRONTLINE AND PBS Network online. The report contains testimony and pleadings from the United States of America Citizens who are being taken advantage of by the Credit Card Companies of South Dakota.
People who have participated in this interview include:
Edward Yingling - American Bankers Association
Chris Dodd - Democratic member of the Senate Banking Committee
Bill Janklow previous Governor of South Dakota
Andrew Kahr - financial services consultant
Edmund Mierzwinski - Program director of the U.S. Public Interest Research Group (U.S. PIRG)
Elizabeth Warren - Professor of Law at Harvard University
Julie Williams - Comptroller of the currency since October 2004. The Office of the Comptroller of the Currency (OCC) is the federal agency that charters, regulates, and supervises all national and foreign banks in the U.S.
Walter Wriston - served as chairman and CEO of Citicorp/Citibank
In this report are testimonies from consumers, government officials, bank representatives, and Fair Issac. The testimonies found in this report are the following:
Credit Card companies have relocated to South Dakota where there is no ceiling on interest rates or fees to consumers. These companies are able to charge customers without consulting or further signed documents, fees as much as $50 for being an hour late on their credit card payment, raise the customers interest rate to any amount such as 30\% and re-payment schedule up to 4\% of the balance, at anytime for any reason including the Universal Default. The only requirement is to send out a disclosure 14 days prior to doing so, which most customers and attorneys cant understand the document terms written within.
The due date of these accounts varies and is changed monthly.
Credit Card companies may receive payments by mail and take up to 7 business days to credit the consumers account making it appear as though the customer had not provided payment on time and incur high cost late fees and derogatory credit reporting.
Universal Default is used by all Credit Card Companies, and Auto Insurance. Universal Default clause allows all of the creditors to monitor the consumers credit report for opportunity to raise their rate and change their terms. If the consumer has one account on their credit report with a late pay within 7 years prior, any creditor can decide at any time to charge more to this customer even if the derogatory remark is not against their own company.
Anyone who begins paying on accounts with say $150 per month payments on all Credit Card accounts can suddenly end up paying $800 per month for the same debts with higher interest rates. One person reported that the usual payment was $250 and received his new monthly bill the following month with the new rate of 30\% plus higher repayment at $2000 per month for the same charged items.
58 Million American Citizens have complained about the issues above and reported that this practice is deceptive. It is a downward spiral to consumers not being able to afford the monthly payments, on-going derogatory credit reporting which lasts 7 years each occurrence, Consumers not being able to get back on track or obtain reasonable credit due to extremely low credit scores, and BANKRUPTCY.
This program is a win for Credit Card companies who can destroy the average American Citizens life by wrecking their ability to repay debts, cause emotional stress and health issues due to extremely high bills and flooding of collection calls up to 20 times a day, destroying the consumers credit for 7 years after the last occurrence, and controlling the consumers ability to have an enjoyable life.
PETITION TO REFORM CREDIT CARD COMPANY REGULATIONS
We the CITZENS OF THE UNITED STATES require that the Credit Card companies be regulated in ALL states including South Dakota.
We require the following:
Late fees be no greater than $20.00
Repayment of credit be determined based on a set schedule and balance which is printed in at least 12pt font on the application for credit:
Up to 25\% Balance = 1\% minimum repayment
50\% Balance = 2\% minimum repayment
75\% Balance = 3\% minimum repayment
100\% Balance = 4\% minimum repayment
Introductory rates must have a definite end date and the definite new rate to be in writing at the time of the application which is printed in at least 12pt font on the application for credit.
Interest rates to be changed only annually and 90 days notice to be given prior to change which is printed in at least 12pt font on the application for credit.
Interest rate adjustment to be on a set margin schedule plus the Federal Rate or Prime Rate which is printed in at least 12pt font on the application for credit.
Cap interest rates at 20\% which is printed in at least 12pt font on the application for credit.
Credit Card companies must disclose up front in writing at the time of application for credit what the rate is adjusted to, either Federal Rate or Prime Rate which is printed in at least 12pt font on the application for credit.
Eliminate the Universal Default Clause entirely for all Creditors and Auto Insurance.
Eliminate credit monitoring. Credit Card companies already know the information contained in their accounts receivables.
Set limits on collection calls to one per day per company to consumer account holders.
No derogatory late payment reporting on accounts in which a payment was received for less than the total amount. Definition of Late means after the due date.
Allow Credit Card companies to send a clearly written notification requiring signature by consumer the option of closing account in which the consumer is not paying as agreed and to recast the debt so that the consumer can payoff the debt at a reasonable set rate and fee to which he/she can afford. (i.e.: 36 months 9.99\% DEBT $10,000 = $305 per month).
With this petition, we ask our Senators and Representatives to reform Credit Card Regulations.
Sincerely,
PETITION TO REFORM CREDIT CARD COMPANY REGULATIONS
In 2004 a report on Credit Cards and Interest Rates was televised and is still available on FRONTLINE AND PBS Network online. The report contains testimony and pleadings from the United States of America Citizens who are being taken advantage of by the Credit Card Companies of South Dakota.
People who have participated in this interview include:
Edward Yingling - American Bankers Association
Chris Dodd - Democratic member of the Senate Banking Committee
Bill Janklow previous Governor of South Dakota
Andrew Kahr - financial services consultant
Edmund Mierzwinski - Program director of the U.S. Public Interest Research Group (U.S. PIRG)
Elizabeth Warren - Professor of Law at Harvard University
Julie Williams - Comptroller of the currency since October 2004. The Office of the Comptroller of the Currency (OCC) is the federal agency that charters, regulates, and supervises all national and foreign banks in the U.S.
Walter Wriston - served as chairman and CEO of Citicorp/Citibank
In this report are testimonies from consumers, government officials, bank representatives, and Fair Issac. The testimonies found in this report are the following:
Credit Card companies have relocated to South Dakota where there is no ceiling on interest rates or fees to consumers. These companies are able to charge customers without consulting or further signed documents, fees as much as $50 for being an hour late on their credit card payment, raise the customers interest rate to any amount such as 30\% and re-payment schedule up to 4\% of the balance, at anytime for any reason including the Universal Default. The only requirement is to send out a disclosure 14 days prior to doing so, which most customers and attorneys cant understand the document terms written within.
The due date of these accounts varies and is changed monthly.
Credit Card companies may receive payments by mail and take up to 7 business days to credit the consumers account making it appear as though the customer had not provided payment on time and incur high cost late fees and derogatory credit reporting.
Universal Default is used by all Credit Card Companies, and Auto Insurance. Universal Default clause allows all of the creditors to monitor the consumers credit report for opportunity to raise their rate and change their terms. If the consumer has one account on their credit report with a late pay within 7 years prior, any creditor can decide at any time to charge more to this customer even if the derogatory remark is not against their own company.
Anyone who begins paying on accounts with say $150 per month payments on all Credit Card accounts can suddenly end up paying $800 per month for the same debts with higher interest rates. One person reported that the usual payment was $250 and received his new monthly bill the following month with the new rate of 30\% plus higher repayment at $2000 per month for the same charged items.
58 Million American Citizens have complained about the issues above and reported that this practice is deceptive. It is a downward spiral to consumers not being able to afford the monthly payments, on-going derogatory credit reporting which lasts 7 years each occurrence, Consumers not being able to get back on track or obtain reasonable credit due to extremely low credit scores, and BANKRUPTCY.
This program is a win for Credit Card companies who can destroy the average American Citizens life by wrecking their ability to repay debts, cause emotional stress and health issues due to extremely high bills and flooding of collection calls up to 20 times a day, destroying the consumers credit for 7 years after the last occurrence, and controlling the consumers ability to have an enjoyable life.
PETITION TO REFORM CREDIT CARD COMPANY REGULATIONS
We the CITZENS OF THE UNITED STATES require that the Credit Card companies be regulated in ALL states including South Dakota.
We require the following:
Late fees be no greater than $20.00
Repayment of credit be determined based on a set schedule and balance which is printed in at least 12pt font on the application for credit:
Up to 25\% Balance = 1\% minimum repayment
50\% Balance = 2\% minimum repayment
75\% Balance = 3\% minimum repayment
100\% Balance = 4\% minimum repayment
Introductory rates must have a definite end date and the definite new rate to be in writing at the time of the application which is printed in at least 12pt font on the application for credit.
Interest rates to be changed only annually and 90 days notice to be given prior to change which is printed in at least 12pt font on the application for credit.
Interest rate adjustment to be on a set margin schedule plus the Federal Rate or Prime Rate which is printed in at least 12pt font on the application for credit.
Cap interest rates at 20\% which is printed in at least 12pt font on the application for credit.
Credit Card companies must disclose up front in writing at the time of application for credit what the rate is adjusted to, either Federal Rate or Prime Rate which is printed in at least 12pt font on the application for credit.
Eliminate the Universal Default Clause entirely for all Creditors and Auto Insurance.
Eliminate credit monitoring. Credit Card companies already know the information contained in their accounts receivables.
Set limits on collection calls to one per day per company to consumer account holders.
No derogatory late payment reporting on accounts in which a payment was received for less than the total amount. Definition of Late means after the due date.
Allow Credit Card companies to send a clearly written notification requiring signature by consumer the option of closing account in which the consumer is not paying as agreed and to recast the debt so that the consumer can payoff the debt at a reasonable set rate and fee to which he/she can afford. (i.e.: 36 months 9.99\% DEBT $10,000 = $305 per month).
With this petition, we ask our Senators and Representatives to reform Credit Card Regulations.
Sincerely,
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By:
Alyssa Vazquez
In:
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Petition target:
U. S. Congress, U. S. Senate, All State Congressmen, Senators, and Governors
U. S. Congress, U. S. Senate, All State Congressmen, Senators, and Governors
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