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Posts Tagged ‘interest rates’

Want another reason why most Americans have no sympathy for the Wall Street investment firms and financial institutions? Check out this CNN interview with two former credit card bankers who talk about how their job was to make consumers max out their credit lines, with little regard whether the customers could afford it (via Consumerist).

“Every customer who calls in is a mark. It’s a great big con,” said Colombo, who estimates that she alone sold almost a quarter of a billion dollars in the four years she worked for MBNA before it was bought in 2005 by Bank of America.”

Sarah Byrnes writes more on this issue at Caveat Emptor, including links to some video-taped interviews a couple of the ex-credit card company employees gave to Americans for Fairness in Lending.

So, the question remains, what about all those Americans struggling under almost a trillion dollars in credit card debt, is Congress going to do anything for them? Will they listen to the suggestion of Public Citizen and other consumer groups who want some sort of cap on credit card interest rates? Don’t forget to sign our petition asking Congress to put consumer interests first.

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