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

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

If you’re like millions of other Americans, 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.

Abusive credit card tactics such as hiking interest rates on your existing card balances were recently stopped by federal regulators, but the new protections don’t go into effect for until July 2010. Our wallets, and our country’s economic future, simply can’t wait that long!

Ask President Obama to make credit card reform an immediate economic recovery 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 consumers with higher interest rates, lower credit limits, and exorbitant fees.

Some Chase customers were hit with an interest rate hike or a $120 annual fee and a doubled minimum payment. Capital One hiked rates for millions an average of 5%, and many customers will see an even bigger jump. Citibank, one of the biggest bailout beneficiaries, jacked up rates, too.

We need to stop the interest rate hikes now and require banks give customers the deal they signed up for. Bills in Congress would put the rules in place sooner, but they're not moving. They might if the President sends a clear message. Tell the President to make this a top priority-- it’s an economic rescue that won’t cost taxpayers a cent.

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. We know he reads his mail, so please take action, and then forward this on to everyone in your address book so we can make sure the President knows that we need credit card reform as part of our economic recovery.