Should Congress tighten down on credit card companies?

Minnesotans in our Public Insight Network were more than willing to sound off when we asked about their credit cards. Most felt like the companies were kicking them in the shins on rates and credit lines.

But that was a couple months ago and, really, would anything change?


The grumbling over cards and rates is shifting from kitchen tables to Senate desks. A bill rolled out a couple weeks ago that looked mostly like grandstanding is picking up steam in the Senate. The American Bankers Association is sounding the alarm that the bill could end up hurting consumers and small businesses.

We’d love to hear from folks — bankers, consumers, anyone — about what’s going on with credit cards and whether you think Congress needs to step in.

Post below or send us a story about your credit card. Check out other responses on our map below.

Many of them were like Abigail Duly of New London, Minn. She wrote:

I just received this in the mail yesterday… I will go from a 9.9% to a 17.35% by May. Give me a break! I have been with the company for 8 years, and apparently, they aren’t making enough money off of me. It makes me angry that, if I do as my mother always told me to do: pay it off and keep balances low, I am still being “punished.” I have good credit… What I don’t have is a credit card that practices common sense…

Also, check out a recent conversation on MPR’s Midmorning program about the issue.

Got a credit or any other story about the economy to share? Tell us here. We’ll take your response and put it with others on our Economic Lookouts mapping project.

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