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If you're like a lot of people, you probably noticed a little extra money in your recent paycheck, a result of the stimulus plan to get consumers gradually spending again and get our economy back on track. But if you're like many Americans, your credit card company just jacked up the interest rate on your card balance, or added new fees, even though you made your payment on time. So much for the stimulus -- much of it will go to pay these new card fees!Abusive credit card tactics, such as hiking interest rates on your card balances, were declared unfair by federal regulators. But 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!
Bills in Congress would put the credit card reforms in place sooner, but they're not moving. We need to tell the President to make these reforms a top priority and quit making his bed with the corporate abusers. I hope we can all tell President Obama that he needs to make this a part of his economic plan to help everyday Americans with their family budgets, not fat cats with their credit default swaps -- and this is an economic rescue that won't cost taxpayers a cent!
I just sent an email to the President to give us some real economic help. For any who want to do the same you can do something about it at Consumers Union's CreditCardReform.org campaign at: http://cu.convio.net/stimulus
