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Tuesday, December 01, 2009

Fleecing of America | Banks and Congress Sting Your Credit Cards

Congress passed new rules for credit card companies to prevent them from taking advantage of consumers, so what happened?

Banks are taking full advantage of consumers by jacking up credit card rates, reducing credit limits and creating a mess for credit card users during the holiday shopping season.

All because when Congress passed the new legislation, it also gave financial institutions a lengthy period to "prepare" which meant they were able to use this time to their advantage and reset millions of accounts.


5 comments:

Anonymous said...

Simple solution, don't use a credit cards except for travel and then pay it off! Gee, now how hard was that? There is this thing called cash.

Anonymous said...

Big shock.
Guess what the pharmacutical companies and the medical industry is busy doing right now to prepare for change.

Anonymous said...

Cash is king.

Anonymous said...

While they're at it, Congress should change the law so that credit card companies have to obey the regulations of the state they're based in, rather than the state they're headquartered in. Why should Delaware's corporate welfare screw consumers everywhere?

And cash is nice, but people will get pretty suspicious if you pay for expensive items with cash, sadly.

Anonymous said...

I'll tell you, even though I pay my credit card bill off each and every month, last year when I only started charging travel expenses I was surprised at how much less I purchased. Psychologically cash is a bit harder to spend. You think about it more, and you have to budget for it more (I obviously do not use an ATM).

Cash, really is the solution.