Have you been victimized by your credit card company?

Question

Were you charged late fees that were unfounded? Was your rate increased unfairly?

A new federal study shows one third of active credit card holders were charged a late fee without just reason in the past year.

If this has happened to you, write to your representative about this. Congress needs to hear testimonials.

Answer 1

Credit cards are often set up to be misleading and to make it easy to get too far into debt. Once I pay mine off, I am done with them.

Answer 2

We all need credit these days to rent a car, get a motel room, or rent an apartment. The system victimize every user. At the same time protects providers. It is a scam and protects against scams, so what'cha'gonna'do? A payment must be received on it's due date, not mailed on it's due date. We have to take their word for it as to when they received it. Allow at least 7 business days if you mail it and even then you may have problems about dates.
I hate to tell you this but most people who complain about credit probably should complain that they were ever given credit in the first place. It's not for things you can't pay for but for things you can budgit for with interest. If you have been unfairly charged, call the company and tell them that you will transfer your balance to another company if it is not resolved and charges removed. Give them a chance to resolve any error and they may even make you a better offer to stay with them. Best not to bluff though, 'cause they know more about you than you know about yourself.

Answer 3

Write congress, that is soooo funny.

Don't you realize that congress is the reason they are getting away with this to begin with?

Last year they passed the new bankruptcy law that has far reaching and drastic affects on all aspects of credit. This was one of those "the people are stupid so we have to write laws to protect them, because they are too dumb to take care of themselves" laws that our elected officials love to pass for us.

Some highlights of this beautiful new legislation:

Raised the limit on the amount of interest a creditor can charge you. What used to considered "usary" is now ok. Upwards of 30-35% if you screw up and are late on ONE payment with ANY creditor including the electric company. Yep, you read that right, late on your heating bill, too bad, every one of your credit card companies has the right to change their terms so that this one late payment, that doesn't even affect them, can put your account into the "default" rate. Nice, isn't it?

Upped the minimum percentage payment requirement from the old formula of Interest + pymt must be 1% of your balance to 2% + interest, in essence tripling some peoples minimum monthly payments overnight. Between that and the doubling of energy costs, is it any wonder that we Americans are struggling to put food on the table?

Yeah, write congress, I'm sure your testimonial will mean something to the guy who gets all sorts of perks and election money from the credit companies.

The only thing we really can do is 1- Quit re-electing the same corrupt morons back into office. and 2-demand of the new officials to make lobbying illegal! Maybe, and that is a big maybe, that would enact some long needed changes in our congress.

Answer 4

The outrageous practices via the mastercard agencies at the instant are not "new". easy and straightforward, stay useful. in case you do no longer, you're commencing your self up for a international of harm. no you're able to could desire to hardship approximately obscene costs of interest and different horrendous practices of mastercard agencies in the event that they only in simple terms offered what they could *arise with the money for*! i like the certainty that in the time of W's term the financial ruin regulations have been replaced so as that it grew to become right into a lot greater good to run up extensive debt and then report financial ruin and characteristic the debt forgiven. Too undesirable a similar coverage grew to become into no longer utilized to idiots (of all political persuasions) who offered greater living house then they could arise with the money for and have been able to stroll away, leaving u.s. retaining the bag. So because of the fact i'm retaining the bag because of the fact of this madness, i'm additionally retaining an entire handful of TEA baggage. occasion on, fellow tea partiers!

Answer 5

Congress can't do anything about it.

Cancel your high-interest credit cards and get ones at a lower rate.

Answer 6

How do you find out about this?