Wednesday, August 27, 2008

Bad credit card companies!

It turns out I'm not alone in my frustration with credit card companies lately. When I wrote my post "Goodbye to one big bank..." a couple weeks ago, I was pissed off because a major credit card company raised the APR they charged me on a carried balance by 4% for no reason. Luckily, I was able to ditch the bank and ended up making out better in the end. However, I can see that if I didn't have other (not maxed out) lines of credit open that I could easily transfer my balance to, how I could just be stuck paying more with no recourse.

Credit-Card Rage on Business Week's web site today basically tells the same story and adds some information about proposed credit rules from the Federal Reserve Board.

While, for the most part, I'm not a fan of more government regulation of anything, I'm also not happy when companies screw over their customers to add to their bottom line or to make up for mistakes they've made. (ie. Giving credit to customers that aren't likely to be able to pay for it.)

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