Friday, April 3, 2009

My Life, My Card?

Despite recent advertising from credit card companies telling us how helpful they are, many consumers have been blindsided by some of their nasty tactics. This includes:

Arbitrarily raising interest & fees regardless of credit worthiness or standing

Canceling cards without explanation

Reducing customers' credit limits without warning

Canceling cards that haven't been recently used

Penalizing customers who asked for lower interest rates by lowering their credit limits or freezing accounts (how evil is THAT?)

The new credit card law addresses much of this, but the law won't take effect until July of 2010.

Read more: The Credit Card Companies Are Not Your Friend

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