Everything bad about the credit card industry exposed
Last week was a busy week for those of us interested in politics, economics, and finance. Monday, President Obama took over prime time for his press conference regarding the stimulus package. Tuesday, Secretary of the Treasury, Timothy Geithner, released his plan to rescue ailing banks. Wednesday, the House Committee on Financial Services conducted its hearing with TARP recipients. Thursday, the Senate Committee on Banks, Housing, and Urban Affairs held its hearing on strengthening credit card protections. Above all, Thursday’s hearing was the most revealing.
The hearing on strengthening credit card protections had a panel of six experts, all of which submitted written testimony about the credit card industry. Some were supportive of regulation while others were not. The hearing covered subjects ranging from exorbitant fees to why the Federal Reserve’s new rules do not apply until 2010.
I strongly suggest that you watch the shocking hearing although it is about two hours and 45 minutes long. Also, read the written testimony of each expert. By doing this, you will become much more educated about the dire need for credit card regulation.
Resources:
Greetings! I’m Kevin D. Johnson, a business owner who has recently assumed the role of consumer advocate and internet activist. Atlanta, Georgia is my home.
Upon returning from my wonderful honeymoon in Jamaica in October 2008, I received what I thought was an ordinary American Express bill, but to my surprise it was a disappointing letter informing me that my credit line was reduced by about 65% for a highly suspicious and discriminatory reason. Considering my excellent credit score and pristine payment history, it just didn’t make sense. However, what does make sense are the unfair and insidious policies that I have uncovered when asking why. It is time to change them.
I created this web site to document and share my challenging journey to change what is wrong, unfair, and unjust in the credit card industry. The ultimate goal of this web site is to inform consumers of ways to stand up for themselves against treacherous business practices and to educate consumers about how to improve their credit. Finally, I hope to encourage a more open dialogue with credit card companies about their policies–good and bad.
I am proud to say that this blog's unyielding demand for change led to an important 
Thank you Kevin!!!!
We so appreciate you efforts!!!!
We need to be there for each other....personally I think that is what will cause this site to "grow".
Seems like Carole May and I are the "main stay's" here.
I feel really bad for her, she used her card to pay for medical expenses....I too used my AMEX for an unexpected $15,000 MRI....what else was I to do. I went for a mamogram and they found breast cancer, the cancer was large enough they immdeiately sent me for an MRI. My deductible was $2,000 -- so I put it on AMEX. I used an AMEX Delta Frequent Flyer Miles card and thought "oh, well...If I live through this I might as well earn 2,000 miles for the money I spend"...I know I can use a vacation when this is over.
Sometimes we need that Credit Card to pay for our health care
Posted by: Holly | February 18, 2009 at 10:01 PM
Sure. I am compiling a list. It has been a challenge over the past few weeks getting the right addresses and representatives to make the greatest impact. There are many contacts and it can be confusing at times depending on your situation. However, I'll sort it out for everyone very soon. Thanks for the encouragement.
Also, I'll make the horror story posting a prominent link so people can add to an ongoing blog about their problems.
Posted by: Kevin D. Johnson | February 18, 2009 at 09:34 PM
KEVIN....
Please dedicate a place on this web site for all who are "victims"....we need each other....and all of us need to know who/where we can write to...to be heard!!!
It seems like we have to "click on" one of the stories to blog our feelings....can we please have a place on your site to go for an "on-going blog" that everone can read.....and new people that find this site can jump into?
Thank you in advance,
Holly
Posted by: Holly | February 18, 2009 at 09:09 PM
Dear Carole May,
you are so right....
Kevin,
Please....Please.....Please... provide a list of who we can contact....it is imperative that we streamline the efforts here? Please give us a "Contact" section on this Web Site regarding who to contact!!!
Carole May & I have tried so VERY HARD,,,please add a link with names & addresses for us and everyone else who want to write letters....not just a blog onto a story but a "LINK" TO CLICK ON TO GET NAMES AND ADDRESSES!!!
Posted by: Holly | February 18, 2009 at 08:56 PM
Thanks for those links, Kevin. I just had the chance this morning to watch the video and learned a lot. I've already written a letter to Chris Dodd which I mailed last week, and I may write another one now. Perhaps you could put a list of names and addresses on here somewhere so we would know who to write to about all of this? It would be a great reference for everyone.
Thanks!
Posted by: Carole May | February 18, 2009 at 12:00 PM
Dear Carole May,
Go to Kevin's story "The Credit Card Act is Great, but not strong enough" ---- and read Kevin's post to me at 7:21pm....
That may help ease your mind a little....we are all anxious because it's not happening fast enough!!
Posted by: Holly | February 17, 2009 at 08:08 PM
Thanks, Holly. I just wrote to that office as well. I've also written to my senators, congressman, Timothy Geithner, and President Obama. I've never written this many letters to politicians in my life, but this is getting insane. What I'd love to see is a million person march on Washington to protest these increases and force the government to do something about this now.
Posted by: Carole May | February 17, 2009 at 01:39 PM
Carole May,
Please try not to file bankruptcy, have to talked to a credit counseling service? Also, good job writting Sen Dodd!! Please file a complaint with the Office of Thrift Supervision (OTS) -- the phone number is 1-800-842-6929.
The address is:
Office of Thrift Supervision
Department of the Treasury
Consumer Response Unit
1700 G Street, N.W.
Washington, DC 20552
Hope this helps you some!!
Posted by: Holly | February 17, 2009 at 10:50 AM
I've written a letter to Senator Dodd which I will mail today. I am also so angry I could scream. And the attitudes of these banks is just "we can do whatever we want, whenever we want, and it's tough on you". It would serve them all right if we all declared bankruptcy and left them holding the bag. I hate to do that but at this point there is no way out of this. Just how much money do these banks want???????
Posted by: Carole May | February 17, 2009 at 09:55 AM
I strongly suggest that you summarize. This is the internet.
Posted by: fromme | February 17, 2009 at 09:28 AM
This is crazy... I had no idea that all of this was going on. I planned to only watch a little bit of the hearing but it was so interesting. Anyway, it just made me that much more mad! I just want to SCREEEEAAAAAMMMMMM!!!!!
Posted by: Heidi | February 17, 2009 at 06:15 AM