Credit card reform
I'm not at all a "government is the problem" person. I blame the politicians, not the institution so I always get queasy when I hear the words -- reform bill. If past is prologue, this usually means the consumer gets screwed even more. Nonetheless, I have some hope that Obama's demand for a speedy credit card reform bill might help. He's got the rhetoric right:
[More posts daily at The Detroit News]
"Americans know that they have a responsibility to live within their means and pay what they owe,” Mr. Obama said. “But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all too common to our credit card industry."I've been screwed by credit card tricks. Like why do they change the due date every couple of months? Once I got dinged for a late fee because I made a payment on the bill too early and it got credited to the previous cycle. A couple of times over the years I got banged for late fees for being a few hours late because I didn't notice they jumped up the due date. And the rate hikes and reduction of limits are happening all over right now. If they can fix that sort of sabotage, it would at least be a start.
[More posts daily at The Detroit News]
Labels: business, Congress, legislation, Obama administration
posted by Libby Spencer at 12:34 PM
4 Comments:
Another of the tricks they've come up with over the last few years is to make the payment due on Saturday or Sunday. You better pay it by Friday or it's a $39 late fee.
Their tactics have gotten sleazier and sleazier over the last few years.
You got that right Pug.
And sometimes when it's due on Wednesday, that means before 12:01 AM on Wednesday. Of course they're out to screw you.
Try to find a postmark on your bill! For years I could swear they were being mailed two days before the due date, but I couldn't prove it. Their response was always "that's your problem, dead beat." Then I signed up for automatic payments and had the bills sent electronically to the bank. Sure enough, several times a year, they will send the e-bill after the due date and then demand a late fee -- only now I can prove it, although they still don't apologize for routinely trying to steal from me.
Anyone who hasn't yet seen "Maxed out" really ought to, because these slimeballs are up to more tricks than you think they are and need to be slapped down.
Subsidiaries of these companies run all kinds of other scams too - like the companies that give unsecured personal loans at 99% interest (you read that right) and since they bought congress, won't allow you to declare bankruptcy when you can't (of course) pay it back.
We need usury laws back in place at the very least.
Usury laws would be a very good start Fogg.
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