December 12, 2008

I am writing to you out of desperation regarding the credit card industry, as well as well as the lack of government involvement and control.Recently my wife and I put some money into our home equity line of credit with the idea that we could easily take money out of it.However after putting money into the account- it was completely frozen because property values across the country declined.Next I received letters from a few credit card companies that my interest rate was increasing from or 19 % to 28 percent. This after having perfect payment history.

I explain to these companies that the increase should only impact new purchases but they disagree. They offer to close my account which I did in a few cases but that I was told could lower my credit rating.Who and how ( I want to start a national campaign) can we stop these credit companies from this unfair practice. Assure you more people could pay their mortgage if they didn't have abusive, outrageous interest rates on credit cards.

I was enticed by the offers of no interest, double and sometime triple rewards-using credit became a way of life almost like receiving extra earnings and then they are taken away or rules are changed-I feel like I have become addicted by their promises and then cut off cold turkey. I want to get these companies.