Posted, Meredith Anderson
5 evil things credit card companies can (still) do
The credit card reform bill tries to help cash-strapped customers, but companies are coming up with new ways to boost profits.
The credit card reform bill tries to help cash-strapped customers, but companies are coming up with new ways to boost profits.
Credit card companies are socking it to consumers left and right.
They're hiking interest rates to as much as 36% and doubling minimum monthly payments, frustrating customers who are already cash-strapped and credit-crunched.
In an effort to curb these abusive practices, President Obama signed into law a credit card reform act in May that's rolling out in three parts over 12 months.
At the same time, credit card companies have been hard at work coming up with new ways to boost profits while sidestepping the reforms.
They're hiking interest rates to as much as 36% and doubling minimum monthly payments, frustrating customers who are already cash-strapped and credit-crunched.
In an effort to curb these abusive practices, President Obama signed into law a credit card reform act in May that's rolling out in three parts over 12 months.
At the same time, credit card companies have been hard at work coming up with new ways to boost profits while sidestepping the reforms.
Its good that although credit card companies are using people's debt to their advantage, politicans are working to make sure they are doing it in a fair way - Nicole Nelson
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