what is being done about credit card cos raising rates from zero to 33$ overnight?
What can we consumers do to protect ourselves from these sharks that are also destroying families?
It was discussed at length on Kgo today .
They raise the rates under excuses like they did not receive the minpayment in time, change billing cycles and change min amounts due.
In case you hadn't noticed, the credit card companies are free to change the terms of their "agreement" at any time for any reason whatsoever. So many people buy into the whole predatory lending market because they have to have the latest, greatest piece of plastic-crap-from-China right now, or else "Whatever will the Joneses think?"
Don't live on credit. Save your money for the things you want to buy. Save up large down payments for houses and cars so you don't have to take out so much of a loan. If you can't afford it, don't buy it!
NOT USE CREDIT! PAY YOUR BILL OFF EVERY MONTH, ETC.
Stop using credit and they can't do that to you. I have never heard of that happening unless you wnet over your limit, or paid late.
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In the short term live within our means…earn/save more money…refuse to buy the latest electronic gizmo or cell phone just for the sake up new features…..
In the long road: American's have been voting in right wing politicians to protect "values" for twenty years….this bait & switch was really about protecting the interests of big corporations…which now control Congress and often write their own legislation….This is exactly what the credit card industry has done…..Credit card giant MBNA was the top contributor to Bush in 2000 and 2004…….The concept of usury has been discarded and credit card giants are basically free to set their own interest rates and to change terms if/when they want.
Until Americans take back their government….expect even worse predatory behavior from the credit card giants, payday loan firms and lenders like CashCall……
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pay ur bills off. get 2 more pt/tm jobs and budget.
you signed the contract for the card . did u read or understand the fine print b4 u signed?
Protect ur self by not doing business with snakes. visit daveramsey.com to learn ur hard lessons from others mistakes.
the only thing need is education of CON sumers.
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ex credit junkie /slaver
In case you hadn't noticed, the credit card companies are free to change the terms of their "agreement" at any time for any reason whatsoever. So many people buy into the whole predatory lending market because they have to have the latest, greatest piece of plastic-crap-from-China right now, or else "Whatever will the Joneses think?"
Don't live on credit. Save your money for the things you want to buy. Save up large down payments for houses and cars so you don't have to take out so much of a loan. If you can't afford it, don't buy it!
References :
Whenever your card company changes conditions, there is always an opt out form or process you can follow, they will simply close your account, meaning you won't be able to use the card anymore and you can continue paying off your balance, however, you're still attached to the original conditions, i mean, if you can't pay the minimum in time, they will charge you the late fee, and so on, untill your balance is zero.
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