Stop the insanity!
A friend called me today to tell me his credit card company (Bank of America) just increased his interest rate from 7% to 25%. His balance is about $18,000, so imagine how he was feeling.
Unfortunately, this is the way credit card companies have been doing business for the last few years. They can (and will) increase the interest rate any time they feel like it. In fact, next time you receive a “pre-approved” offer in the mail, read the fine print on the reverse side. It usually says (after promising a very low interest rate for one year, or for two years, “We reserve the right to modify your interest rate at any time and for any reason”.
Hopefully very soon a new credit card legistaltion will pass and help millions of credit card customers who have been abused by the credit industry for so long. U.S. credit card debt has jumped more than25 percent in the past 10 years and has reached $963 billion in January, 2009. The average credit card debt for households that have a card was $10,679 at the end of 2008.
I am sure you will agree with me that the credit industry should once and for all start taking care of their customers instead of taking advantage of them shamelessly. They have been doing whatever they wanted for so many years (and had made so many billions of dollars in profits) that is time now to put an end to their abusive practices. President Obama has asked Congress to submit to him by Memorial Day a bill that will redefine the rules of the game when it comes to credit card lending practices.
Stay tuned!
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