Congress Reduce My Interest Rate

I wrote a post yesterday, commenting on Congress’s decision to inquiry into the practices of the Banking and [tag]Credit Card industry[/tag]. In the article I posted a link to a story on Yahoo in which [tag]Citibank [/tag]came under fire. I was glad to see the heat, because I have a [tag]Citibank credit card[/tag] and they are charging me [tag]loan shark rates[/tag] because I was late once 9 months ago.

I have called almost every month to see if they can reduce my interest rate. The answer was always “no.” For the last 9 months I have paid their high interest rates and paid more than the minimum. So after yesterdays news broke, I decided what the heck I will give them a call today to see if I could get my rate lowered.

To my surprise when I asked the customer representative he said my [tag]interest rate[/tag] was “too high” and he would definitely reduce my rate. 10 minutes later my interest rate was cut in half. Thanks Congress for putting the heat on! Even though [tag]Congress[/tag] has not legislated the [tag]credit card industry[/tag], at least it has changed the attitude of the bigger card companies.