I wrote about my travails with a credit card several months ago. My post hit a nerve and was featured. There were a lot of comments by card holders who had been similarly abused.
It looks as though relief for wary card holders may be on the way.
Just released:
Congress passed a bill that SHOULD offer relief from out of control credit card issuers who are trying to make up for a drop in profits on the backs of customers who faithfully pay their cards on time.
What the bill does:
-- Credit card firms are generally barred from boosting interest rates on existing balances unless the account is 60 days overdue. Rate increases for new purchases require a 45-day notice.
-- Customers under 21 cannot have a card unless a parent or other responsible party signs on. (No more abusing young adults).
-- No fees for a charge that exceeds a credit limit without prior say-so from card holder.
-- Rates and terms must be clearly worded and publicly posted.
-- Bills must be sent 21 days before the due date.
-- Bills must state the time and total interest needed to pay off the balance if only monthly minimum payments are made.
-- Interest rates can't be raised in the first year after an account is opened.
If you have suffered credit card issuer abuse, you may want to see if the issuer is more malleable now that Congress is getting involved. You may be able to get any abuses that have been heaped on you, reversed. It's certainly worth a try. Good luck.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
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