Home > Uncategorized > Credit cards readying for restrictions

Credit cards readying for restrictions

Has anyone besides me who own a credit card or two recieved statements in the mail about changes to your account like raising interest rates or higher late fee penalties? In this article my questions were answered in reguards to why are all my interset rates rising and that if you even make one payment late you will get hit with a huge fee (even though we all thought $39 was high). Especially approaching on the holiday season many people are trying to figure out how they will be able to afford it, a large amount of people turn towards credit cards which are now harder than ever to get approved for. With the economy and unemployent rates being low cash is hard to come by and with our national deficit having so many people approved for credit is not going to help. Most of theses new tactics against consumers with credit cards are “unfair or deceptive” but until some sort of law pases the 400 different credit cards from the nation’s 12 largest bank issuers are going to keep issuing. Interest rates are hitting all time highs and dont look like they are coming down anytime soon. I dont feel that in the current state the economy is in that the credit card companies can find it even ethical to enforce these new crazy tactics. Does anybody agree?

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