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Evil, evil credit cards - public TV show

January 4th, 2009 at 07:40 pm

The tv is on and there is a show about credit card companies, and how they reserve the right to change the terms of the "agreement" at any time, for any reason, and for no reason at all.

One of the consumers said their minimum payment jumped from $90 to $280 in one month, and the interest went from 7+% to 30%. They had paid on time for the past 8 years. Another one (or maybe the same one) dropped their limit from $20,000 to $13,000 one month, and they already had close to $18,000 charged on the card, so then they were hit with over-the-limit fees.

Yikes!! If that isn't incentive to get those evil cards paid off, I don't know what is!

6 Responses to “Evil, evil credit cards - public TV show”

  1. fern Says:

    The problem with the credit card industry is that it is unregulated. However, new rules were recently passed by the Federal Reserve that clamp down on some of their worst practices, however, sky-high rates were not one of them.

  2. thriftorama Says:

    In 2010, that will not be allowed. The Office of Thrift Supervision finally changed the rules to make them more consumer friendly. Banks can't just change the terms now, unless you are more than 30 days late paying your bills.

  3. Amber Says:

    It's terrible, if these card companies don't change their practices and I agree with Suze O we will see the same thing happening to them as with the housing markets...tremendous defaults

  4. Ima saver Says:

    Don't charge more than you can pay off the next month, that is my motto!!

  5. Koppur Says:

    I just made a comment that these companies value money over customers more and more and this is just another example. That should be illegal to lower a credit limit below what is due on the card. Makes me sick.

  6. crazyliblady Says:

    I agree. I think if they are raising your rate or lowering your limit, they should have to give you "notice" (like 90 days or something) to give you a chance to find out what your options are: moving to another card, paying it off completely, or perhaps something else entirely.

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