Subject:
credit card rates
To:
Rep. Edward Markey
October 19, 2009
Greetings:
I wanted to alert you of the amazing letter that received today from Citibank. It stated that they are hiking interest rates to 29.99%, from our normal rate of 9.9%. I was outraged when I saw this, as we have never had a late payment, and for the most part, pay our balance off monthly. How can they justify this hike? Have they not taken stimulus money from all of us taxpayers? Amidst all the corporate and personal greed, that is tearing our country in two, between the haves and have-nots, how can you allow this to happen?
When I called to dispute the rate hike, the customer service representative explained to me that because the economy is slumping and they need more money to pay for their day-to-day operations. Why should we pay for their corporate defects? They are clearly lining their pockets with stimulus money, now they want more. Whatever happened to more regulations on the credit card industry? I wish that I had a solution for this issue, but I don't know that there is one.
Thanks for your attention to this matter.
woburn , MA
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