Take action to stop banks from eating your stimulus money

[Maraya1969]

Got your stimulus money yet? The banks already have their hands out.

Thanks to President Obama's stimulus package, most Americans will see their paychecks increase by April 1. We're supposed to spend that extra money, so we can get our economy back on track.

But if you're like many, your credit card company just jacked up your interest rate, or slapped new fees on your card, even though you make your payments on time. So much for that stimulus!

Ask President Obama to make credit card reform an immediate economic priority!

The banks and credit card issuers are standing in the way of our economic recovery. They take billions in taxpayer bailouts, then turn around and slam us with higher interest rates, lower credit limits, and exorbitant fees, finding new income at our expense.
Some Chase customers were hit with an interest rate hike or a $120 annual fee and a doubled minimum payment. Capital One hiked rates an average of 5%, and many customers will see an even bigger jump. Citibank, one of the biggest bailout beneficiaries, jacked up rates, too. This means we can't spend that stimulus money because we have to give it to the bank.

Rules that would stop these interest rate hikes on your card balances, and crack down on outlandish fees, were approved in December, but won't go into effect until July 2010. Bills are pending in both the House and Senate to protect us sooner, but they're not moving. Tell the President to make those bills an administration priority right now -- it's an economic rescue that won't cost taxpayers a cent.

Take action:

https://secure.consumersunion.org/site/Advocacy?cmd=display&page=UserAction&id=2043

Tell the President we need these reforms now, so we can spend our stimulus on rebuilding the economy!
Let's make sure the President hears from as many Americans as possible. He cares what you have to say, so please take action, and then forward this on to everyone in your address book so we can make the strongest possible call for reform together. President Obama is listening