Credit Card Companies Getting Away With OVERNIGHT Maximum ChargesSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 
Credit Card Madness!

Credit Card Companies Getting Away With OVERNIGHT Maximum Charges
 


23 April 2009 at 6:21:48 PM
pstern

Credit Card Companies OUT OF CONTROL 

 

For all you doubters, who blasted me for "lying" or "stretching the truth" or "just being ignorant" about credit card companies doing whatever they wanted despite previous Federal rules and regulations.

I took some unnecessary heat from some of you in one of my recent previous blogs when I stated 2 companies overnight changed my APR rates --- for no reason on my part --- to 29.99% and 39.99% APR respectively.  There were small amounts left and I had NEVER missed a payment.  I paid off each account and voluntarily closed them, which is exactly what these companies wanted me to do.

Pres. Obama is trying to create the changes needed to protect consumers.

See The New York Times article

P

 


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Comments!  
1 - humanbeing   23 Apr 2009 @ 9:09:18 PM 

 For those of you who missed the excellent expose on Frontline about credit cards, here's a link to the program.

www.pbs.org/wgbh/pages/frontline/shows/credit/view/


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2 - pstern   23 Apr 2009 @ 10:45:14 PM 

Thanks, hb, for sharing that link with readers.


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3 - humanbeing   24 Apr 2009 @ 8:29:16 AM 

This program, which you can watch online, will be a revelation to many. One of the interesting things I learned from it was that people like me who pay off their balance every month are called 'Dead Beats' by the industry. The best recourse for us is to get out of debt and create an emergency fund with savings.  


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4 - pstern   24 Apr 2009 @ 10:23:11 AM 

Well, what you are really saying is that we all should live within our means and not stoop to borrowing money from the financial sector.

The problem with that regard, although I believe you are accurate, is that the costs of daily living have sky-rocketed well above people's incomes.

What I mean by that is once upon a time people would charge out-of-the-ordinary high priced items or charge business expenses to create a record and pay them off monthly.

However, in today's high priced market people wind up charging their weekly grocery tab, which for one large family easily can be more than $400 or $500!  If you charge that to a credit card, it is $2,000 per month or $24,000 per year!!!

How can you pay off such amounts when daily living expenses are so high, getting higher and then include the high interest charges on those amounts that credit card companies charge.  Yet, people could NOT live on paying daily living expenses with cash from their income.  Also add to that list those who are unemployed, etc., etc.

Those "emergency savings" funds would be non-existent for many people!


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5 - salon   24 Apr 2009 @ 12:20:59 PM 

I read that article. I hope the provisions that this administration want to put through occur, like forcing the credit card people to put the payment money towards the higher interest parts of the bill.

Related to your Closed the Account or Paid Off the Card is this horror story from Consumerist.


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