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Sunday, December 14, 2008

Well Its About Time ...

FOXNews.com - New Credit Card Rules May Bring Some Relief to Consumers:
"The new rules, which were proposed earlier this year, are expected to prohibit credit card companies from increasing rates at will, with some exceptions, and to ban universal default, which permits changing card terms if the borrower defaults on another bill.
The rules are also expected to ban double-cycle billing, where card companies reach back to earlier billing cycles to help calculate interest charged in the current cycle."
I mean it is so unfair what they can do these days -- I mean it has even gotten to the point where they can base your car insurance rates on your credit report ... now that just doesn't make sense to me ... what does whether a person pays their bills on time have to do with whether they are good drivers or not?

but then how were they ever allowed to change interest amounts based on what you do with your other bills? That seems really unfair too ... I mean who knows what sorts of things could have delayed your payments ... they don't even do any investigation they just charge it all up.

Now this double-cycle billing ... that i don't understand ... is this like when they charge you interest on the part of the billing that you haven't paid off yet?

Either way its been a stacked deck against the consumer for several years now and its about time that the government stepped in an cut the racket ... geez, its like dealing with the mob sometimes.

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