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Saturday, November 21, 2009   44º F

Updated 10/21/2008 01:05 PM

Sweetland wants credit card companies to lower interest rates

By: Web Staff

CENTRAL NEW YORK -- A Republican running for Congress in Central New York is saying the federal bailout to end the credit crisis fails to address the growing problem of consumers facing oppressive debt from credit cards. Dale Sweetland wants banks accepting bailout money to offer those consumers relief on their bills.

“Lower your interest rates to your introductory offer for the next 12 months and give people an opportunity to pay down the principal,” Sweetland said. It's not forgiving principal. It's wouldn't cost the banks anything in what is actually owed them in principal payments. But, it would be a way, I think, makes sense to stimulate the economy without any taxpayer investment.”

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Sweetland, along with Democrat Dan Maffei and Green Populist Party candidate Howie Hawkins, are seeking to fill a seat being left vacant by the retirement of Republican Congressman James Walsh.