AG fights credit card rate hikes

Posted by ConnPolitics.tv Staff on December 14th, 2009

Hartford (WTNH) – Attorney General Richard Blumenthal says consumers are being gouged in anticipation of the new federal credit card law.

While President Obama was meeting at the White House with what he termed bank “fat cats” to urge them to help economic recovery, back here in Hartford, Blumenthal was accusing those same fat cats of credit card rate gouging.

Blumenthal is demanding that banks roll back their credit card interest rates and fee increases that have been steadily going up before the new credit card law starts in February.

“Bankers who owe their survival to taxpayer bailouts are now gouging those taxpayers. These bankers are really poster boys for biting the hand that feeds them,” Blumenthal said.

Senator Chris Dodd (D-Connecticut), who authored the new law, attempted to place a freeze on credit card rates but was blocked in the Senate. A loophole in the law allows the banks to up their rates and fees for no reason until the law starts.

Blumenthal is demanding the rates be rolled back to January 2009 levels and wants a full accounting of interest rates hikes this year.

| Posted in News, Atty. General
| 3 feedbacks »
Comment from: Hosed By The System [Visitor] Email
"" A loophole in the law allows the banks to up their rates and fees for no reason until the law starts.""

Glad to see the vermin in congress is on OUR side....LOL


F''cking DODD...what a dirtbag.........


People need to STOP using the over-rated plastic.....screw MC/ VISA and the reat of the credit card companies....

most of this is the peoples fault...falling prey to these bastards.....I have had a credit card since 1973, I NEVER carried a balance over a month...NEVER.......
12/14/09 @ 18:21
Comment from: Independant Observer [Visitor] Email
If our government would stop screwing with the banks, we would have a better economy. The Democratics are out of control and their stupid policies are driving us to failure as a nation. As far as Blumenthal is concerned, he should get a life and stop the grandstanding.
12/14/09 @ 18:33
Comment from: Give me a Break [Visitor] Email
Chris Dodd epitomes was is wrong with government. He is a self-serving liar. He makes it seem like he is helping the folks but there is always a loophole, so we get screwed in the end. Unfortunately, many people don't educate themselves and that is why he has been our senator for 30 years.

As far as I'm concerned, Dodd putting in the clause so Tarp recipients could get bonuses should make him unelectable. W We will see.
12/14/09 @ 18:50

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