I WAS flabbergasted to read Michael Kranish’s article “Push to curb credit-card rates fades’’ (Page A1, Nov. 18). Kranish notes that, in spite of growing consumer anger and frustration at the tactics of the major credit card companies in response to reform legislation, the congressional responses range from timidity to callous disregard. The law was well-intentioned, and provides for a reasonable measure of help to the millions of beleaguered consumers who carry monthly credit card debt. The great flaw was in the execution: Congress essentially gave these companies - the same ones that were deemed in need of control in the first place - a huge head start in finding ways around the spirit, if not the letter, of the law.
Like millions of others who have no choice but to carry a balance, but who always pay on time and have excellent credit, I am going to wind up worse off, not better off, after this law finally goes into effect. My interest rates are doubled, the triggers for penalties are less forgiving, and my options are diminished.
The most ironic twist of all is that on the day that I got my most recent letter about the increase in my interest rate, I also received a 1.99 percent balance transfer offer from the same credit card company.
And few in Congress have the stomach for dealing with the holes they created?
Alan Gold
Haverhill 
