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The result is that the companies are hitting their "best" customers -- those that have been able to continue to pay even as the recession has worsened -- with additional fees and charges to offset lost revenues when these practices are outlawed, and to hedge against losses from possible credit card defaults as the recession continues.
With this change, a consumer with a balance of $5,000 would be subject to a $150 late charge instead of the $39 most companies impose
The CRL estimates that at least 10 million card holders have been affected, and some have seen increases of 10 percentage points or more on their existing rate at a time when many consumers are having trouble staying afloat.
And btw, one of my credit cards just notified me that my rate will go up 50% from 14% to 22.9% and if I disagree with the increase, they will cancel the card.
Yes, I read the part about these changes will not be legal NEXT YEAR, but what will happen then? Any bet on credit not being available to low credit consumers?
THANKS OBAMA, for turning responsible users of credit into "high risk" users paying the same fees as those who simply dont pay..
The result is that the companies are hitting their "best" customers -- those that have been able to continue to pay even as the recession has worsened -- with additional fees and charges to offset lost revenues when these practices are outlawed, and to hedge against losses from possible credit card defaults as the recession continues.
With this change, a consumer with a balance of $5,000 would be subject to a $150 late charge instead of the $39 most companies impose
The CRL estimates that at least 10 million card holders have been affected, and some have seen increases of 10 percentage points or more on their existing rate at a time when many consumers are having trouble staying afloat.
And btw, one of my credit cards just notified me that my rate will go up 50% from 14% to 22.9% and if I disagree with the increase, they will cancel the card.
Yes, I read the part about these changes will not be legal NEXT YEAR, but what will happen then? Any bet on credit not being available to low credit consumers?
THANKS OBAMA, for turning responsible users of credit into "high risk" users paying the same fees as those who simply dont pay..
Well, I'm responsible with my money....only have one credit card and pay it in full every month....whopping 11%....I have no other credit card debt........no worries....
Well, I'm responsible with my money....only have one credit card and pay it in full every month....whopping 11%....I have no other credit card debt........no worries....
haha.. your the one that needs to worry the most.. FEES will be going up.. yearly fees to just hold the card..
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