If you’ve been reading the letters to the editor lately, you know that a good many Mid-Valley residents are irate about their credit cards. They’re angry about their interest rates skyrocketing and fees being opposed for seemingly flimsy reasons.
The good news is that legislation moving through Congress would provide some relief. Former 5th District Rep. Darlene Hooley championed the consumers’ cause and now U.S. Sen. Jeff Merkley has taken up the issue. He is a co-sponsor of the Senate version of the credit-card legislation.
In addition, the Federal Reserve is implementing new credit-card rules in July 2010.Most Americans have experienced credit-card problems of one kind or another. They include being penalized for seemingly benign actions such as being a few hours late with a payment, being late on an unrelated bill (such as a car loan) or having one’s credit rating lowered because of a loan application.