To the Editor,
Nine months is too long, and Fed Chairman Bernanke suggesting that we give banks a year to adjust is ‘‘unconscionable.’ (The Credit Card Squeeze, Editorial, May 10).
Those banks have given cardholders a mere 15 days before increasing interest rates and fees. And some have raised them two or three times in a one year period. Everyday, their egregious activities kill people’s hope and destroy families with their usurious charges..
By their own actions, banks have proven they can’t be given a single day to adjust. They should be treated like they have treated their customers.
Congress passed TARP in one week and with it gave the banks $700 billion to prevent them from collapsing. Well, the American people are collapsing. Even a week is too much time to give these loan sharks and a lack of ‘immediate’ action on the part of Congress is not only ‘unconscionable,’ but criminal.
Author, “Final Audit”
This letter was written in response to the usurious interest rates and fees banks have been charging. Congress is prepared to vote on a new bill that would give banks 9 months to adjust. Not good enough! Submitted to the New York Times, May 11th, 2009.