Posted by: Stochasticus Weber | June 10, 2009

Responsible Credit Use, Economic Crisis and the Responsible Financial Services Organizations

I am thinking of changing banks and give business to a credit union, a small local banking company, that is a community bank that has social investment and community improvement among its stated goals. A recent emailing from Green America regarding bank credit card practices  prompted me( ):

“Stop Abusive Credit Card Practices

“Thanks to action by Green America members and our allies,Washington recently passed legislation that reigns in some of the worst abuses of the credit card industry.  However, in many ways the deck is still stacked against credit card users:

“There is still no limit on the interest rates that credit card issuers can charge consumers, and credit card issuers are warning that rates are going to go up.

  1. “Credit card holders are still charged high fees and can be penalized for using their cards.
  2. “If cardholders end up in a dispute with their credit card company, they are often denied their day in court, due to “mandatory arbitration clauses.”
  3. “Cardholders often aren’t given all of the terms regarding their card until after they’ve been approved.
  4. “There’s no sense of responsibility in the system – many of the mega-banks egg consumers to take on more debt, sport a whole host of other irresponsible practices (such as financing coal-fired power plants), and don’t follow the community-building best practices of community investment banks and credit unions.”

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