© 2009 Jim Worth
Sky-High Interest
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To the Editor,

Nine months is too long, and Fed Chairman Bernanke suggesting that we give banks a year to adjust is ‘‘unconscionable.’ (The Credit Card Squeeze, Editorial, May 10).

Those banks have given cardholders a mere 15 days before increasing interest rates and fees. And some have raised them two or three times in a one year period. Everyday, their egregious activities kill people’s hope and destroy families with their usurious charges..

By their own actions, banks have proven they can’t be given a single day to adjust. They should be treated like they have treated their customers.

Congress passed TARP in one week and with it gave the banks $700 billion to prevent them from collapsing. Well, the American people are collapsing. Even a week is too much time to give these loan sharks and a lack of ‘immediate’ action on the part of Congress is not only ‘unconscionable,’ but criminal.

Jim Worth
Author, “Final Audit”

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This letter was written in response to the usurious interest rates and fees banks have been charging. Congress is prepared to vote on a new bill that would give banks 9 months to adjust. Not good enough! Submitted to the New York Times, May 11th, 2009.

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