By John Amato Wednesday Feb 11, 2009
Rep. Maxine Waters asks CEO's about their practice of raising credit card limits at the Bank CEO hearing today. How many of us have had a sudden jump in our interest rates without ever even knowing it.Which of course never allows people to pay off the debt. Waters is making a key point here.
Waters: Since you received TARP money, have any of you increased the amount of interest on the credit cards by sending out letters to the consumers, to your credit card holders indicating that this was part of the contract even though this was in small print and you now have the ability to do it, have any of you Did any of you do that?
Did you do this?
CEO: I was volunteering. First of all I feel like corporal of the universe not captain of the universe.
Waters: Did you increase your credit card interest rate?
CEO: In 2008, we increased interest
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