Wallet Watch

The Fed’s decision to make credit card terms more fair came in part because they got 2,000 letters and emails from real people who complained about their credit card terms. This is one of highest complaint counts they’ve received.

The Fed’s recently published rule on credit card terms gives consumers the opportunity to write again–and influence their decisions again. This quick and easy form letter from Consumers Union can help you write a letter to the Fed. Often the Fed will count identical form letters as only one complaint, so it pays to edit the form letter. By doing this, not only does the Fed learn about more bad experiences, but it racks up the number of complaints.

Consumers Union has more information. From their website:

Credit Cards: When you talk, The Fed listens!

Your frustration with credit card companies came through loud and clear! The Federal Reserve is taking action to rein in abuses.

The reason? They got 2,000 stories from real people about how they were tricked by their card company.

The Fed’s proposed rules are tough, so they’re not a sure thing. The credit card companies don’t want to give up their easy profits. Tell the Fed that you want these new rules because they level the playing field! The rules would:

• Stop companies from hiking interest rates on existing balances (unless you pay late).
• Stop them from applying your monthly payment to low-interest debt first.
• Give you time between the bill and the due date so you can always pay on time.
• Stop interest charges on debts paid off the previous month.

Your personal thoughts mean more than our pre-prepared letter, so please put your ideas in your own words so they know how important these rules are to you. Your comment becomes public, so don’t include your account numbers.

The comments you submit will be part of the Federal public record made available to the public online and in paper form. You name and address may be included as part of your comment.