Citigroup Sucks Ass
January 28th, 2009Citigroup gets $45 billion of public money, and I get two letters from Citi informing me that they are raising my APR to 19.99% on my two Citibank credit card accounts. I’ve never paid late, keep a modest balance, and have excellent credit — I can’t imagine what the new rates are for people with bad credit! And if I miss a payment the rate is increased to 29.99%! That’s having your cake, eating it, and adding a scoop of ice cream and an entire apple pie on the side. The Depository Institutions Deregulation and Monetary Control Act was enacted during times of inflation. In this time of recession, rate limits should no longer be exempted. The new administration needs to revisit usury laws and tighten up regulation of credit card companies.
[Variations sent to CNN reporters, President Obama, Arnold Schwarzenegger, and a slew of other high-profile people -- minus the "ášš-sucking" part]