The credit card companies are systematically raising APR's on customers with good paying habits and
February 10, 2009 - good credit scores. They are attempting to recoup monies they lost through GREED in their predatory lending practices that now have us mired in this economic mess.
The credit card companies have been under-regulated for years. They are making their customers (the good ones) pay for the theft that happens with their cards (thru not requiring PIN's for every transaction...and to pay for their woeful underwriting standards that give credit cards to people who can't buy lunch and who soon default on payments. Blame Congress. ... ... If you have credit card revolving debt, shop for zero interest 6-month promotions -- they're out there..and transfer your balance. Don't let the bad guys win. And complain to your congressmen for they are at fault.
- Makes me glad that I don't have any credit cards.
- The cavalry is coming. Starting in July, the credit card companies will not be able, by law, to do this. Finally, someone on The Hill, has heard the millions of screams of consumers being squeezed by their whatevers.
Those with good credit scores are not severly impacted by this practice. When my daughter, in college, went over her credit limit by paying for an emergency, the rate soared to 28%, so I just paid it off, and she got another. ... As with many practices, it's the people on the margins, who are not able to pay them off, who are hurt most. ... It can be argued that it's THEIR fault, not the banks, for buying things they can't afford, and racking up large debt. ... Nevertheless, 28% seems excessively (greedily) high. If you think a cap should be set, write your federal and state congresspeople; if you don't know who they are, go to www.congress.org, and enter your ZIP. I strongly disagree with the statement that your emails will be ignored! (they will be ignored if only one or two people write, but if a large number write, they MUST listen and act...)
I owe $2300 on a credit card that was at an 8.99% rate. I have never been late on a payment and usually send large payments because I don't like being in debt. I got a letter from them saying they are raising my rate to 15.99% after January....just because they can, and since I've been laid off from job, I can't afford to pay it off in full. So, talk about taking advantage of the poor, eh?
- It used to be that one credit card company expected to be paid off every month. That worked well for me, as I only then had to pay a yearly fee to use it. People should generally do that, as credit card use can get out of hand.
Knowledge Base: Credit Cards
Should I get a credit card? How do you choose the best credit card?
September 29, 2008 - Category: Credit Cards
i just finished college, and work full time. i have a debit card, and building good credit from paying off loans. a lot of people have been telling me to get a credit card, but i wonder if it really is necessary. please give me some good reasons to get
get credit card choose best... »
what is the best student credit card out there?
September 30, 2008 - Category: Credit Cards
i am a college student with no credit but i want to get a credit card. what are some of the best credit cards for students? i am planning to make small purchases and paying them off the next month to build credit. what other ways can i build my
best student credit card »
What is the best credit card for an 18 trying to build credit?
September 29, 2008 - Category: Credit Cards
i’m soon to be 18 and am looking to get a credit card to help build credit. my dad said the best thing to do is to just use it to buy gas, but i’m not really all that up to date on how credit cards work and which ones
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