Credit Card Interest Cap Petition

I received an interesting response to my petition which is posted on my links to the right of this page. The name is withheld as per the request of the writer.

"Cynthia, Found your petition on credit card interest. Good idea but… I cannot sign it because it is not enough. Need to request much more (less interest). The federal limit used to be 18% when prime interest exceeded 10%. Our politicians listened to the bank lobbyists and changed to law to allow these exorbitant rates. Prime is now 3.25%. Credit card limits should be no more than some reasonable multiple of prime. Say 3 to 4 times with a cap of 15% and late charges should also have a cap of some kind. Now in this time where we are bailing out the big banks (who are also the big credit card purveyors) there should be an even further cut in credit card interest charged, say 2 times prime for all banks accepting Tarp money. Also there should be limits on increases in any credit card rate based on the initial rate. And so on. This would make credit cards harder to come by as the banks would have to be more responsible for the risks. The high rates are based on the concept of easy credit and let the ones who pay make up for the ones who do not. How fair is that? An immediate change to this system would definitely benefit a lot of people and help the economy."

All are good points.