Petition We demand stricter regulation of the credit card industry

Credit card companies are flippantly increasing APR from 13% to 26%+ & applying the revised APR to any outstanding balance.

Further more banks are selling debt on to other companies with out notice or appeal.

This is causing untold long-term misery, illness through stress and, no doubt, suicide.

Therefore this petition demands that the government
1) Cease organisations ability to increase credit card APR percentages on existing balances.

2) Any payment of debt should pay the most expensive APR segment first.

3) If a credit card account is closed for any reason what-so-ever, by either contractual part, then it should immediately be considered to be a loan with the APR reduced to the lowest industry standard at that time for an unsecured loan or indeed the lowest that the original organisation offers (which ever is the lowest)

4) Credit Card debt should not be able to be resold.