Credit Card Companies to Play Nice?
I read a story in the latest issue of Kiplinger’s titled, Breaks On the Way for Credit Card Users by Joan Goldwasser. In the article, she reports that during this “changing business and political climate”, credit card issuers such as Chase and Citibank are adopting more consumer friendly schemes. These companies are feeling the heat from Congress and may soon be changing their ways whether they like it or not.
What’s the beef that Congress has with Credit Card Issuers?
- Double Cycle Billing
- Universal Default
- “egregious” late fees
- mail solicitations to minors
- the mailing of unsolicited “convenience” checks
- applying payments to the lowest interest rates first
- imposing over-limit fees…..after they approve the purchase!
The more I step back, I realize what SCUM these companies really are. They’re just a legitimate business, right? In my opinion, they exist to take advantage of you in anyway they can. When they back you in a corner, they gang up on you and beat you to a pulp.
2 comments
The government has really taken their time getting around to stepping in - to stop credit card companies from ripping off consumers. They rope people in with low initial interest rates then when they use the card, even pay off the cards quickly - suddenly they use the card again only to find their credit card interest jacked way up and the billing cycle is cut in half. They are indeed legalized criminals - loan sharks in business suits.
Tammy
PS. As I recently started reading your posts regularly - you’ve been tagged at my blog.
I couldn’t agree with you more(”legalized criminals”). It’s amazing to me that they can get away with what they do, and at the same time, it’s amazing how many of us fall into this trap without using our brains!
Thanks for the tag……..I’ll get right on it.
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