Tuesday, February 23, 2010
They Lie to You ALL the Time
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.