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I wrote a post yesterday, commenting on Congress’s decision to inquiry into the practices of the Banking and Credit Card industry. In the article I posted a link to a story on Yahoo in which Citibank came under fire. I was glad to see the heat, because I have a Citibank credit card and they are charging me loan shark rates 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 interest rate 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 Congress has not legislated the credit card industry, at least it has changed the attitude of the bigger card companies.

Technorati Tags: Credit Card industry, Citibank, Citibank credit card, loan shark rates, interest rate, Congress, credit card industry

Congress is taking the credit card companies to task over fees and interest rate practices. Sen. Carl Levin, Chairman of the Senate Homeland Security subcommittee, said an investigation by his panel found “abusive” and confusing practices by credit card companies that can increase financial pain for many families.

What Sen. Levin is doing is trying to get the credit card companies to take action on their own. They would be smart to take action because the last thing the banking industry wants is congress to start legislating their business.

Citibank has already made changes in their fees and interest rates to make a good show to congress.

Read more here

All American families who carry credit debt appreciate the effort of Senator Levin, but let’s hope this is a first step in getting real control of the Credit card industry. Debt is not good for America. When Americans are strapped with debt they can spend less on the economy, their quality of life suffers, and we also know the number one cause of divorce is finances.

Stay tuned America. Let’s hope this congress goes to battle for us. Until then keep paying of your debt!

Technorati Tags: Congress, credit card companies, fees and interest rate, Sen. Carl Levin, Chairman of the Senate Homeland Security subcommittee, , banking industry, Citibank, Debt, paying of your debt