YOU ARE HERE: LAT HomeCollections


More credit card industry criticism

March 15, 2009

Re: David Lazarus' column, "It's time to hold credit card issuers to account," March 4:

The credit card companies are being shortsighted. Where are future customers going to come from when all of us that are being screwed by their "proprietary policies" have paid off our balances and closed our accounts?

I'm in the process of doing that with my American Express card that I've had for the last eight years. They lowered my credit limit and raised my interest rate because of "excessive inquiries into my credit reports," and "(my) carrying too large of a monthly balance."

I would say that, based on the decrease in the number of unsolicited credit card offers I've gotten lately, there have actually been fewer inquiries than in previous years, and the large balance didn't seem to bother them in the past.

In the future, I will make do with credit union cards -- which have no annual fee, the credit limits have remained stable, and the interest rates have gone down with the prime rate, regardless of my monthly balances.

Mark McGregor



The outrageous actions of the credit card issuers that David Lazarus describes warrant immediate punitive corrective action.

Rather than permitting such egregious acts to go unpunished, the federal regulators and Congress need to immediately impose a halt to, and rescission of, such attempts to hurt the economy.

Why do predators exert their greed in such difficult economic times and do their best to hurt consumers in their efforts to survive?

The government is trying to stimulate the economy, yet these merchants of greed are doing their best to stifle efforts to improve our overall outlook.

It is time for the public to speak out.

Ira M. Landis

Ocean Hills


I hold two credit cards with no charges outstanding, but the idea that credit card issuers can get away with changing rates at will and at usurious numbers is an insanity.

Taxpayers have lobbed billions to these sharks; when do we say enough? There are not enough jails to hold those of us who refuse to pay taxes to bolster banks, investment houses and other cutely named thieves.

The economy is sinking faster than we can foresee and there has to be an end point. When do we take our problems into our own hands?

Phil Isaacs


Los Angeles Times Articles