Government To Curb Credit Card Abuses?
The U.S. Office of Thrift Supervision is crafting rules to protect consumers from abusive credit card practices:
WASHINGTON (Reuters) - The U.S. Office of Thrift Supervision is crafting rules to protect consumers from abusive credit card practices such as retroactive rate increases, the agency’s deputy director told lawmakers on Thursday (April 14, 2008).
I don’t know if I really believe this. I still read from credit card holders about their current nightmares. It seems credit card issuers are still playing their old dirty tricks. I myself went from a 19% to a 30% (over time, of course) interest rate on one of my credit cards. I am trying to pay it down and get rid of it, like I did to one already.
What bothers me is that even though I have never been late with a payment this is how Providian (purchased by Washington Mutual) has treated me as a great customer. I have only one credit card I will keep, which is at an insane low interest rate level these days, and they don’t hit you with late fees if your are ever late! My other credit card accounts will be canceled, as soon as I pay them off, and the credit cards themselves will cut into a million little pieces!
I don’t believe in government regulations, but this is one area where I really want it to happen.
