With over 14 million unemployed and most of us barely able to make our mortgage payments, the credit card companies and bank {most who received bail out money from us} now want to rise rates! This is appalling!! They should be thankful that some can still pay on there cards. As for me I get a whopping 275 a week from unemployment and can just make my mortgage payments let alone pay anything on credit cards, so I will file for bankruptcy and screw up my low credit rating for the next ten years maybe by then the goverment will get it's head out of it's A$$

I have closed two credit cards (Capital One & Chase)  because I refuse to accept the interest rate hike on CURRENT balances.  Nice to know that those of us that actually do pay our bills are being penalized because of those that don't, and those that pad their own pockets within the financial industry.  Meanwhile, my bring home pay is less every year with no raises and increases in health insurance premiums, the cost of living has skyrocketed, my daughter's father is a deadbeat, and I can barely make ends meet anymore.  Then they wonder why the economy is in the toilet!

This credit card legislation is a classic example of what the fools running this country are capable of, which is to address any issue and make it much worse.  

Yes, be good little economic slaves and pay the banks with your borrowed time from your mortgaged life. Idiots! Tell the banks to stuff it and don't pay a dime. Hopefully this phoney economy will collapse and we can get back to living like free humans and not cud chewing bovine masses.

All interest rates should be capped at prime + 10%. Keeping in mind that the credit card companies also hit the retailers for 3-4% on their end plus fees, this would still put their profit margins (assuming a lean internal organization) well above that of any other industry in the US.

It's simple.  P[ay credit cards off, tear them up and never, never, never use them again.  

If banks say you have a bad credit score because you torn them up, just say..well I don't do business with people who are loan sharks, who violate contracts and who try and be deceptive.  I pay my bills on time and if you won't loan me money for a house because I don't have outstanding credit at 30% interest then I will go elsewhere because I see you are an incompetent lender and you were the cause of the last debacle and I will take my money out since you are loaning MY  money to people who have loans at 30% interest.

My husband and I have been fighting hard the past 3 years to get out of debt.  Bank of America recently sent us a letter to raise our rates to over 20%.  We declined the increase.  Our rate is now below 10% on the account.  We cannot charge on the account, which is great, because we're really making progress on the principal balance.

On the other hand, 5/3 Bank has no ethics and terrible customer service.  We paid our bill on Jan. 6th and they posted it to the prior month's billing cycle rather than where it should have gone.  I have things in writing from them stating that they posted our payment to the wrong billing cycle and that they have corrected the mistake.  They refunded the late charges and moved the payment, but they continue to say that we are delinquent because of their mistake!  Our rate is now 24.99% and they say that no one can help us get the rate reset to 10.99% where it was before.  I'm filing claims with my state atty general and the FTC.  Until now, we have loved them.  Our checking, mortgage and credit card accounts were with them.  I'm ready to pull all three!

i just hate that they are allowed to "stick" it to the people who do pay.  but in saying that these are hard time for everyone - no matter how much you prepared or didnt prepare.  taking advantage of people is just wrong - PERIOD!!

Most of the people who have credit card debt was well on their way to paying off

their balances.  Then the interest rates almost tripled and it made it impossible for

most to get it paid off.   The President just wanted to make it look like he was

helping the people with his new bill. Surley he wasn't dumb enough to think that with the time he gave the companies that they wouldn't raise the rates to an amount that when the law went into effect who would need to raise them any higher. The lobbiest for the credit card companies got to the President what is 50% interest rate who will it hurt? The president is slick and most people are only looking for the what can I get out of this and they are not seeing what is really happening with the things being done.  We are laying down and saying lazy and worthless am I give me everything, but the everything may not end up being the thing you think it is.

I don't deal with pawn shops, pay day loans and credit card companies.  They are all loan sharks and unscupulous.  They will lie , cheat, steal and misrepresent.   Don't deal with them.  Also, make sure you have your own lawyer at house closings and buying a car.  Remember, trust no one, no business .   See for yourself anytime you spend or invest.  Never take the word of any capitalist or business owner.  Most are liars, like Sanford and unscupulous like Madoff and his supporter Rush Limbaugh.  They are all crooks.