Credit Card Industry Defeated for Now

Hidden penalties, sudden interest rate hikes, and deceptive language are just a few of the questionable tactics used by credit card companies to extract money from increasingly stressed consumers. Now, some on Capitol Hill are trying to regulate the more abusive practices.

With bills actually moving through both houses of Congress, the credit card lobby is finding itself on the defensive, and turning out in force to oppose the legislation.

Category:

News & Politics

Tags:

• Christopher Dodd
• Carolyn Maloney
• Jeb Hensarling
• credit
• credit cards
• debt
• consumers
• USPIRG
• Ed Mierzwinski
• Travis Plunkett
• Kenneth Clayton
• Obama
• Congress
• Senate Banking Committee

[medliberty]

Nothing important will come of things; its just window dressing. Banks borrow from the Fed at 1% and loan that money to us suckers at 29%+ and they bribe politicians to essentially keep the status quo thievery.

[cobmojo]

NICE.

I have a feeling this wouldn't have happened if Republicans were the majority.

[yousefyara100]

Chase Credit card which is chase/speedway.com is the worst in customer service. I closed two accounts because of them. Actually, things are now WORSE for the consumer.

Case in point: I made a payment back in September, missed the due date by one single day and they charged me for $25.00 I paid the account off and canceled 2 chase cards accounts. it is their loss.

[yousefyara100]

Chase Credit card which is chase/speedway.com is the worst in customer service. I closed two accounts because of them.

[marcomariaz26]

@medliberty thank you.

[marcomariaz26]

Actually, things are now WORSE for the consumer.

Case in point: I made a payment back in September, missed the due date by one single day. Citibank charged me $40 late fee, jacked my Standard Purchase rate to 29.99%, and tried to jack my 3.99% balance transfer to the same 29.99% rate, costing me over $200/month in interest alone. I got all but the Purchase rate rescinded, but this didn't happen before this regulation. They will always find ways to screw us over.

[DWHold1]

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[celidee]

Agreed, all the banks already hiked up their interest rates without even telling the consumer.

[MyFreedomChannel]

odakueffect - I totally agree with you on that. I'm guilty of doing just that, and now I'm paying for it, unfortunately. At least I recognize that it was my choice to put myself in that situation. Thankfully, I have only one credit card, and the bank has been pretty good, and they are working with me when I have questions about my bill and/or payments. They have even reduced my credit limit until I can pay off the total balance that I owe. Hopefully I can get it paid off in less than 2 yrs.

[hugozoom]

the bill didn't go far enough, because there is still no absolute federal limit on interest rates.