Saturday, October 25, 2008

We're not victims

Dear Friends,

Taxpayers are investing hundreds of billions in Wall Street, while ceo's get to keep their golden parachutes. In need of even more cash, the financial services industry could be eyeing our credit cards. Let's be sure that this doesn't happen. We don’t have to be victims. We're in the midst of an aggressive campaign at the Federal Reserve Board to protect you from unexpected and unwarranted increases in credit card
rates. Strong new rules need to pass right now to avoid a credit card crisis.

Help us take on the deep-pocketed financial lobby by giving whatever you can right now.

Back in 2002, Consumer Reports warned that deceptive marketing, dreadful service and broken promises were becoming the norm in an increasingly Wild West marketplace. We noted that when free markets went bad, industry sees no contradiction in getting multi-billion dollar government bailouts while fighting against reasonable oversight. It’s time to end this "anything goes" attitude.

With Americans carrying nearly a trillion dollars in credit card debt, interest rate increases mean big money for the banks. But rate hikes mean potential financial ruin for families. If you are responsible and make your payments, banks should treat you as a valued customer rather than jacking up your costs.

Your donation will help us take back the marketplace for consumers, and could save you money in the long run.

With your help, we’ve succeeded in passing a national product-safety law to make imports, toys and other goods safer. We took on the pharmaceutical industry, passing a law to stop drug companies from selling unsafe prescription drugs to unsuspecting consumers. And we held the hospital industry’s feet to the fire after countless Americans died from infections they got while hospitalized.

Help us now take on the financial services industry. And please, forward this letter to everyone you know who carries a credit card, so they can pitch in, too.
Kathy Mitchell
Consumers Union Action Fund, Inc.
506 W. 14th Street
Austin, TX 78701

No comments: