Cardholders stunned by huge rate hikes, slashed credit limits

Today's Chicago Tribune is carrying this story which mentions yours truly at: http://www.chicagotribune.com/business/chi-fri-credit-card-consumers-apr24,0,6514874.story

As a marketer that has worked with banks to reach various population segments I believe we have reached a new era in card marketing as evidence by the line drawn in the sand by President Obama yesterday warning credit card companies that the days of fine print and confusing offers that result in fees, charges and unexpectedly high interest rates are over.

As Time magazine points out on its latest cover there is a New Frugality in America.

My own view is card marketers would be better off with an approach that attacks the past poor practices and acknowledges this is a new era and our abc credit card is going to help you by making you this simple promise a flat guaranteed simple interest rate. No frills, no points, prizes or dancing bears, but straightforward easy to understand terms and a rate of 6% or 8% or whatever is really justified for individual consumers.

Think about the Ford and Hyundai offers to make your payments if you lose your job. Think about back to basics. Think about the old commercials that Smith Barney used to run

"We earn money the old fashioned way...we earn it."

Jim Bilello

President

US Marketing, Inc./Chicago

Ph. 312-637-9796

JimBilello@USMarketing.bz

www.usmarketing.bz