The Times, Trenton

Credit Card Companies, Banks Must Be Held Accountable

The Times of Trenton — Tuesday, January 26, 2010

Letters to the Editor

On the little street of Farnsworth Avenue in Bordentown City, two shops closed down last week. Main streets across the country are experiencing the same thing. It's as if our country does not feel that small businesses are important. Instead of bailing out small businesses, we decided to bail out Wall Street. What's worse is that after we gave the banks billions of our tax dollars, we let them keep it for themselves. Instead of increasing fair and transparent loans to small businesses, they are giving their employees million-dollar bonuses and increasing the interest rates on loans and credit cards.

I have simply stopped using credit cards, because their interest rates are too high. This means I am not able to stock the local crafts that I used to keep in my gallery and I have taken on more consignment art pieces. The credit card companies are like the Mob to me. They can change the rules midstream, raise our rates, and we have no option but to pay. That is why we need a consumer financial protection agency to hold these companies accountable and ensure that they are lending on fair and transparent terms.

Martha Press,

Bordentown City

The writer is owner of the Farnsworth Gallery.

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