Be sure to check your credit card statements. Since a new law goes into effect next month dictating new terms to credit card companies, these companies are pulling all sorts of tactics to raise fees and rates prior to the changes going into effect. We are not big on credit cards for several reasons – (1) you spend more when you use them, (2) interest costs you money, and (3) credit card companies tend to do sneaky things to harm you financially. Do you have a story about how a credit card company did something to you? There are a number of stories about companies raising rates or fees before the final phase of the Credit Card Act of 2009 kicks in at the beginning of February 2010. See below:
Interest raised from 12% to 24% to 28% with no reason or explanation
Beall’s, Ann Taylor, Victoria’s Secret and others charge $1 per month for paper statements
Credit Card Companies Increasing Rates to Bypass Reform Act?
New Credit Card Practices Costing Consumers
Tags: Credit Card Act of 2009