Fed to release new credit card rules this week

It's about time the Feds get involved with these (loan-sharks) What about the letters they sent out that looked like junk mail that we all threw out, stating that if you didn't sign it and return it, that they would raise the interest rate to a whopping 27% Also, they can raise your rate if your credit score is bad..People can't bail themselves out anymore because of this. This is what's happening to people and why we are all going broke.

Stacey:
You can submit comments to the Federal Reserve regarding your experience at the following Fed Web site: http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm
Look for "Regulation AA unfair and deceptive pracitices"

I had a personal experience of my own with this. The bank was Washington mutual (WAMU). Yes they raised my rate to 23 1/4 % because of risk based repricing. This was totally WRONG since I could show proof that my actual credit score was around 780 and other Credit card companys in which I had accounts were eager to get additional business because of credit score and also my payment history. Even furhter I had a ZERO balance!!!!!!To make a long story short. I thanked WAMU for great divorce after 8 long years, cut up the cards and sent them along with my letter requesting they close my account. I will never do business with WAMU AGAIN! EVER. I actually called my other card company and they simply offered me a lower rate, upgraded my card and gave me a higher limit. HOW COULD THIS BE?

THANKS FOR NOTHING WAMU!!!!

DO NOT BANK WITH WAMU!!!!!!!! AKA LOAN SHARK!!!!

I want to know why the credit card companies get to raise the interest so high that when you make your payment.. 3/4th of it goes to interest. I have been a good customer for yrs., then I have a rough month.
Also..why can't we decide where our payment goes. I want more to go towards the highest interest., the they (the banks, credit card com) tell me it goes to the lowest owed..

crazy

I have been working to pay down my credit card debt to increase my credit scores. The economy has been making that increasingly difficult. I had my Lowe's (G.E. Credit Bank) card down to about $1100 with a $2000 limit. Yesterday I checked the available balance to make sure I had enough available in the event I had to pay for a colonoscopy that I had today and/or to use to pay my late summer property taxes if I had to. To my surprise, my available balance was only $156. I contacted Lowes's Visa Credit and was told they had reviewed all of their accounts and based on our credit reports and records with them, they may have reduced credit limits. I have not had any problems with Lowes. I recently paid down my balance (which allowed them to lower my credit limit). I had a bankruptcy in 2003 due to divorce and received the card after that when my credit scores were much lower than they are now. They told me they sent a letter. I explained that I hadn't received a letter. They replied that they just sent it that day. Needless to say, all the trouble I went to to lower my credit card debt, increase my credit scores and make sure I had funds available for an emergency went right down the tubes. Credit Card companies take complete advantage of the public. Is there any recourse?

Yeah, blame the credit card companies. Here's an idea; don't spend money you don't have.

My husband recently became disabled due to a back surgery and we always paid our bills on time prior to this. Since he is now on disability he makes 40% of what he used to make. I tried to explain this to the credit card companies and they respond by raising my interest rates to almost 30%. Now if I cant afford to pay me bills now that I make 60% less income then I used to, how can I pay when they double my payment with a increased interest rate? I think it is bullXXXX that they can change your rate anyways. They should be able to only charge the rate that was current when the debit was incurred. Who else gets to give you a loan and then all of a sudden change your rate to doubled what it was and there is nothing you can do about it. This needs to be stopped!

I would like to know why there is no grace period now? If you pay 1 day late there is a $39.00 fee for most credit cards.Sometimes it will push you over the limit and then they tack a over the limit fee. Yes I do know it is not a smart thing to use credit but when times get rough people are desperate. The companies that have loyal customers like myself and never want to pay a bill late are treated like low lifes.Someday these companies will hopefully be out of business due to their greed.

At last, the CRL takes a stance with what resembles a common sense approach; a call to action regarding something to do with the problem. (Now we have to deal with the horsemen, the rain of fire, and the end of days.) The CRL, or Center for Responsible Lending, has taken aim at credit cards by sponsoring HR 627, or the Credit Card Accountability Responsibility and Disclosure Act of 2009. The Credit CARD Act, as it's called, could ensure more fairness in how card companies deal with customers, and limit things like hidden fees and retroactive interest rate increases. President Obama is on board. The CRL not going after installment loans and targeting an actual predatory lender – it's about time.