Credit card companies piling on fees, raising rates ahead of new federal rules

[sarcasmo]

Source: Daily Finance

Snip< It appears that credit card issuers are insisting upon exercising their right to abuse their customers in the name of higher profits. A survey of recent activities by the top eight credit card issuers reveals that since the Federal Reserve announced rule changes designed to curb unfair credit card industry practices last December, the companies have implemented even more onerous practices, raised interest rates more aggressively and increased the number of fees that they can impose on their customers.


Snip< "This shows that they are trying to get as much money as possible before the rules change," said Kathleen Day, a spokesperson for the center.


Read more: http://www.dailyfinance.com/2009/05/13/credit-card-companies-piling-on-fees-raising-rates-ahead-of-new/

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Pay them off if you can, thirty percent is what these loan sharks are trying to get out of your money. I think a real loan shark might offer you a lower vig.

[rucky]

1. Does Vinnie do balance transfers?

I may give him a call.

[sarcasmo]

3. I bet vinnie's VIG is much less than 30 percent.

[flvegan]

7. Realistically, street vig is 10% per week.

[bkkyosemite]

2. If everyone stopped paying them they would stop doing this crime....no money to do it with.

[Demonaut]

5. you have obligations, you borrowed the money

you have to pay it back...BUT changing terms and charging excessive fees and rates should be criminal

[OhioChick]

6. Yes, it damn well should be criminal. n/t

[bkkyosemite]

10. Oh like the banks and AIG did...to hell with them.

[rucky]

17. They would lose. You would lose. the lawyers would win. n/t

[Demonaut]

4. four active cards and two rate increases...my fico is 746

never late never over limit and have not used my discover card in 6 months...assholes

[flvegan]

8. I doubt I was the first to call this

but I called it nonetheless.

Suspicious, the whole lot of them.

[saigon68]

9. The debate has now changed to the torture photos

The white house really hasn't done much here except to award the criminal bankers billions of $$$$ for their "BONUSES"

[CoffeeCat]

11. A smarter person would get a loan from Paulie Walnuts...

Dealing with credit-card companies is like playing with fire.

When it comes to my money--I keep it away from the flames.

Also, isn't it so interesting that our lovely lawmakers decided to get tough, tough, tough on these
credit-card behemoths. They instilled regulations---a whole long year from when it was passed.

Our lawmakers allowed these bastards to do this to us. They knew it would happen. In fact, I bet
the credit-card companies insisted on it, "Just give us one year to rake in some serious cash
and screw them over...we got families to feed!"

The joke is--the credit-card companies know that the party is over. For the past two decades, they've
supplied the rope with which we financially hung ourselves into debt. There's no blood left in the
body because the credit-card companies have reduced us to turnips.

So now, they get the "tough legislation"--at a time when the credit-card companies are working day
and night--trying to get people to cancel their cards.

These companies don't want anyone holding onto their cards--when the real shineola hits the fan. Citi
doesn't want THEIR card in YOUR hand when the economy worsens and when the last bubble pops. They know
that you'll be at Walmart, loading up on canned goods, guns, ammo and dried fruit---with no intention of
ever paying it off.

What a ginormous game this has been--with our lawmakers opening the door, the credit card companies making
trillions off of us and the American people being peasantized.

[pattmarty]

12. NEVER had a credit card in my life (62). I HAVE a debit card that I use as cash.

The only thing I will finance is my house (it is, and I owe much less than it's worth), and a car IF I HAD TO. I am a lower middle class retired Teamster making a combined income with my wifes Social security, my (early) Social security, and my very modest pension of under 75K/yr, in a modest house in Arkansas. It CAN be done. I just don't have 2 expensive cars, a boat, or an expensive house. ALSO, there are millions of Americans that are a lot worse off than me. I also consider myself extremely fortunate in these times

[marshall]

13. Now would be a good time for everyone to pay off their balance

Or if you have no balance, continue to pay the full amount each month.

[Jawja]

19. I just paid off ballances on 2 cards.

My IRA took a hit; but I'm letting those blood suckers make another dime of interest off of me.

[sarcasmo]

21. I agree, it's the only way to make them take notice.

[unpossibles]

14. a sneaky ploy they use

is to lower your credit limit without warning. In fact, I just noticed that mine is lower as we speak. That way they can give you over-limit charges which pile and pile up. Be vigilant!

[Joe Chi Minh]

15. Well, Obama should issue an executive order to cease doing so immediately, i.e. make

as of now, and retrosective from the date of the new law; such repayments to be made equally swiftly on pain of quite dire penalties. I'm sure the welfare department and many other others could use extra funds.

[JerseygirlCT]

16. Wonder what happens when people

just wait for the law to get in place, then switch cards to avoid these things?

I mean, I already tick them off by paying in full every month, and I'm not going to take up their constant offers for a line of credit (at usurious rates), so the rate-jackings really won't impact me - except that they make me mad!

[ixion]

18. the 'right' to abuse customers

that is the problem, is it not? They only have this 'right' because our congress granted it to them.

It's time to change a very bad law.

[jody]

20. REMEMBER -- Credit Card Companies require binding arbitration that takes away our right under

the Seventh Amendment in the Bill of Rights to have civil disputes settled by a jury of our peers.

SCOTUS has approved that infringement upon our rights but congress can pass a law that prohibits credit card companies from putting binding arbitration clauses in credit card agreements.