"Since passage of the Credit CARD Act, we found that credit card issuers have done little to remove practices deemed unfair or deceptive by the Federal Reserve," said Shelley A. Hearne, managing director of the Pew Health Group, which oversees the project. "In fact, some of the most harmful practices have actually grown more widespread-not one of the bank cards reviewed would meet the legal requirements outlined in the Credit CARD Act, which is bad news for consumers."
This quote was taken from a press release on PR Newswire. This story was being reported by Meredeth Viera of the Today Show when I was waking up this morning. Ms. Viera closed the segment with "Why am I not surprised?"
Are these big banks deliberately thumbing their noses at their customers by milking their ability to gouge credit card holders until the new Credit Card Act of 2009 becomes effective in February? Sure seems like it. The nation's largest banking institutions have been raising their interest rates without warning, resurrecting their old annual fees, charging more late charges and doing everything else they can think of to finish off the financially-injured consumer, while they still can. This is the thanks we, the taxpayers, get from the recipients of government bailouts?
I ran to my laptop, pulled up my credit card statement and saw the evidence in black and white.
There in my Recent Activity section was the entry: ONE-TIME MEMBERSHIP FEE! The entry was made on October 26, 2009 and the amount charged was $0.00. Phew!
You might think that I am relieved. Not at all. Today the amount charged might be zero, but they were thinking about it, weren't they? Why else would it suddenly appear?
This quote was taken from a press release on PR Newswire. This story was being reported by Meredeth Viera of the Today Show when I was waking up this morning. Ms. Viera closed the segment with "Why am I not surprised?"
Are these big banks deliberately thumbing their noses at their customers by milking their ability to gouge credit card holders until the new Credit Card Act of 2009 becomes effective in February? Sure seems like it. The nation's largest banking institutions have been raising their interest rates without warning, resurrecting their old annual fees, charging more late charges and doing everything else they can think of to finish off the financially-injured consumer, while they still can. This is the thanks we, the taxpayers, get from the recipients of government bailouts?
I ran to my laptop, pulled up my credit card statement and saw the evidence in black and white.
There in my Recent Activity section was the entry: ONE-TIME MEMBERSHIP FEE! The entry was made on October 26, 2009 and the amount charged was $0.00. Phew!
You might think that I am relieved. Not at all. Today the amount charged might be zero, but they were thinking about it, weren't they? Why else would it suddenly appear?
When the Congress and Obama in their infinite and collective wisdom was designing and passing the legislation, activity such as the above, especially membership fees, was predicted. Have to make money somewhere. Responsible people like you will be paying more.
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