It is time we all get together and stop the abuse of Banks (esp. Bank of America) from increasing our interest rates for no reason. I have never been late on a payment, always paid at least the minium , usually more. And yet I got a large increase in the interest rate , which goes retro, on my account on purchaes made in good faith at the lower interest rate. Sound illegal? It is not. This technique call "universal default" is employed by many banks. But Bank of America is the worst according to people who have contacted me.
The rates they use are up to 34%. This practice should be against the law.
Contact your senator by getting his/her address at www.senate.gov/ (click at top left corner of the page) also be sure to cc Senator Carl Levin whose is trying to stop this practice.
Encourage the United States Senate cap interest rates at a reasonable rate.
The Bank Lobby is alot bigger and better paid then we are, but we do have a voice! Let's use it!
Support Senate Bill S.1395
Friday, December 21, 2007
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