Mike Castle’s Brain(?) Speaks
The News Journal Reports…
Legislation introduced by Sens. Carl Levin, D-Mich., and Claire McCaskill, D-Mo., would prohibit credit card companies from raising interest rates on cardholders’ unpaid balances and from charging interest on late fees and over-the-limit fees.
Very reasonable. Mike Castle’s Brain says…
…no one on his side of the aisle would defend egregious practices, but Castle’s office hasn’t received many complaints about credit card practices.
Mike Quaranta are you mental?
How many complaints did Castle receive about Iraq before he voted to invade it?
very well put.
There’s actually been a fair amount of press recently about consumers and small businesses looking for reform on the credit card industry. Currently the credit card companies can change all of these rates and fees without consumers understanding whats going on and small business are getting hit with hidden costs like interchange fees.
Something definitely needs to be done on these issues, http://www.unfaircreditcardfees.com who I work with is trying to help bring some transparency to this, and consumers beginning to grasp this issue and becoming educated is an important first step. Right now I feel the complexity of the current system is the ally of the credit card companies and helping to hurt average consumers and small businesses.