Seattle man fights back against credit card industry

John Clinton Tuttle is mad at the credit card industry and is not going to take it anymore. Tuttle has launched a campaign against the industry by placing stickers (yes, stickers) on ATMs all over Seattle. The stickers say “Stand up to the rich bankers!” and direct people to Tuttle’s website www.creditcardrevolt.com for more information. And although Congress recently passed the Credit CARD Act, which imposes some restrictions on the credit card industry, Tuttle calls the law “total baloney” and proposes these five reforms instead:

1. Print the interest rate on each card;
2. Limit contracts to 1 page;
3. Cap interest rates at 15%;
4. Show transaction fees on sales receipts;
5. Require online calculators so people can easily check their bill for accuracy

Although trying to stop the credit card industry by putting stickers on ATMs is kind of like trying to stop a train by throwing rocks at it, I certainly admire Tuttle’s spirit. And I think that the first three of his proposed reforms are great ideas that would go a long way toward creating meaningful disclosure of credit card terms.

Huffington Post | Credit-Card Protester Sticks It To Banks — With Stickers | February 8, 2010