The consumer is unfairly burdened with excessive debt.
The banking/financial industry is legally allowed to raise a consumers interest rate up to 29.9% interest on credit cards. They do this when the card holder is late on payments.
When the card holder has trouble making their card payment, raising the interest rate will only make it harder for the consumer to pay the debt. The bank then further raises the rate and compounds on the situation.
these banks borrow money from the government, at a very low rate, in a sense they are borrowing the money from tax payer, and then charging them an outrageous interest rate, when they have trouble repaying the debt.
Consumers should be given the chance to repay the debt at a fair interest rate.
We petition the Obama Administration to address this.