Bank interest rates climbing for all of us

After receiving bailout funds which were meant to stimulate lending, and ultimately play a significant role in economic recovery, the same large institutions are charging what amounts to usury fees both on their credit card rates and their mortgage loans. These increased rates and up-charges are not just for the less-than-credit-worthy or those with low down payments - they are being passed on to every single one of us. Check your notices from Chase, Bank of America, Capital One, GMAC, and you will notice that your credit card rates have been increased significantly despite the fact that you have always paid your bills in a timely fashion and been an exemplary credit card user. If you are trying to refinance to the allegedly "historically low" interest rates, you will probably discover that you are ineligible if your credit score is below 740 and your loan exceeds 60 percent of your value.

Those of you who think that your spotless credit and large equity in your home take you above all of this should look again. The public cries of outrage against the large lending institutions that make mortgages and manage credit cards should be heard all the way to Washington demanding accountability. As a taxpayer and a community banker, I find this duplicity on the part of these large institutions deplorable - but only those who are aware of what is happening can make a change. Next time you open your credit card bill, look at the interest rate - call your bank and find out if you are eligible for the unicorn of interest rates - 4.5 percent - and then call your representatives in Washington and tell them what you think. The actions of these institutions cannot be tolerated at the expense of our tax dollars.

Kathe Doremus

Winfield