The new consumer protection law governing credit card shady practices went into effect on Monday. And given that they had nine months to prepare for it they of course found other ways to cheat their customers.
Now, thanks to a long-awaited law you'll know that if you pay the minimum on a $3,000 balance with a 14 percent interest rate, it could take you 10 years to pay off. And they have to give you warning that they are going to raise your interest rates but it probably will still be in that incredibly small print at the bottom.
And during the past nine months, credit card companies jacked up interest rates, created new fees and cut credit lines. They also closed down millions of accounts. So a law hailed as the most sweeping piece of consumer legislation in decades has helped make it more difficult for millions of Americans to get credit, and made that credit more expensive.
Cannot just blame the credit card companies for lying and cheating. Let's talk television. During the economic depression many people have dropped their subscription TV services. I beat the rush. I watch the programs I like either on DVD's a season late but without commercials or on my computer via my boardband internet service. I was looking forward to the Olympics seen this way. No staying up for hours, just watching the performances I was interested in, etc. But ABC that has the exclusive has decided to post only very inferior videos of events like the figure skating. They are so blurry they make your eyes hurt. Sponsor of their video page for the Olympics - DirecTV. Guess I will wait for the DVD.
I am used to the telephone company lying to me. They have done it for decades. And there is nothing new about banks doing the same. But it frankly seems that everyone - especially all the "service" companies - lie all the time. Qwest is moving in with DSL into my neighborhood and telling everyone it will be cheaper than our satellite servers. But do read the small print. The price is only for two years and only with bundling with other services like DirecTV. So now all the companies are getting together and forming bands to lie to you.
Want to hear a new one? well it was new to me. American Express Blue Option card sent me a notice that they will no longer charge fees for going over the limit.
ReplyDeleteAfter thinking on this awhile I pretty much figured out all the ways they could lower the hammer on a person for doing just that.
Prevent people from going over the limit by cutting them off
Give them notice that their finance charges are going up
Report to the credit bureau that AVA DAHHLING went over her limit and shame shame shame on me.
Can you think of any more..I was tempted to go shopping just to see & still am
ohh well still looking for affordable housing & it sucks
Ava
Comments are moderated only if posted to a blog more two weeks old or something like that. Not sure how that got set up and keep meaning to go and fix it.
ReplyDeleteI am looking forward to being able to actually get some income on my furnished "mother-in-law" unit attached to my house.
What credit card companies can and will do boggles the imagination but it gives me something to think about. I will get back with you on that list, Ava