Credit Card Outrage
October 7, 2009
By Angie Moreschi:
Credit card companies are jacking up interest rates and increasing minimum monthly payments in a last ditch effort to shake down consumers before a new law takes effect, which will force them to stop abusive practices. Click here to learn more and watch the video above.
This report by CNN’s Jessica Yellin is an eyeopening example of just how far banks are going to squeeze customers. Chase Bank more than doubled a family’s minimum monthly payment on their credit card. When the consumer called to complain, they offered to increase his interest rate by 5% instead.
A new law that gives credit card customers more protection takes effect in February of 2010, but clearly banks are trying to rake customers while they still can. Two members of Congress, Representative Barney Frank (D-Massachusettes) and Representative Carolyn Maloney (D-New York), are pushing a new bill to get the date that law would take effect moved up to December 1st. Click here to write your Congressman in support.
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