Credit Card Holder Bill of Rights?
That’s right, for all of us who feel that we have been treated unfairly or misled by those ever so tempting credit cards of all types, there may be some sort of a bill set forth by congress that spells out what a credit card holder’s rights should be in the credit card and spender contract (you have a contract with your creditors pretty much when you agree to sign on for one, that you will pay your monthly bills pretty much no matter what, or else they can send collector man after you).
The cardholder’s bill of rights would cut down on the most abusive practices of credit card companies. These unfair practices are things like increased monthly payments for no reason, large increases in interest rates at the whim of the company, retroactive force payments, unfair late fees and excessive fees for overage costs that go over the monthly spend limit and also for being late on payments, and what they call misleading advertising of interest rates that you think are one thing and then end up jacked way up when you’ve had the thing for a year or so. And so on and so forth. You get the picture.
Democrats are pushing for this bill to happen because they say that the American consumer is being duped into paying large fees, interest rates and more at the expense of wasted income. The bill will actually ban the practices, so the card lenders will be forced to have certain practices. I’m not sure if this is good for overall business, I just hope that it doesn’t cut down so much on credit card company’s profits that they hesitate to extend credit to consumers, which will only add another wrench into the dismal consumer spending that has lended to the recession we find ourselves in.
I agree that something needs to be done though. I just don’t know what the answer is. As far as legislation, yes I do agree that something needs to be done, I just hope that creditors are flexible enough to be able to still be profitable and extend enough credit even when they feel it may not be the most profitable situation always.
