I have been a excellent customer of MBNA for many years (high balance, never late) Yet, I receive a notice from MBNA that because of "Federal guidance the terms of your account are now changing." I went from 13% interest to 28%. What's this all about? Needless to say I closed the account and will pay it off- hopefully under the old terms. It's really no wonder that so many people are driven to bancruptcy when banks give easy credit, offer teaser rates and then when they get you hooked- JACK UP YOUR INTEREST RATE.

All I can say is, I hope Senator Levin, Michigan, and his committee will not be hoodwinked by the credit card industry and enact customer freindly credit card reform. Although, I'm not so sure this will happen because the credit card companies and banks provide huge amounts of money for re-elections.