Credit Card Companies Stepping Over the Line?
Filed Under (Credit Cards Blog) by creditblogger on 13-02-2009
I had a chance a couple of days go to watch credit card companies testimony to the house of representatives on TV. It was truly astonishing to see these companies complain about how they were the victims in this economy. What was more surprising? The fact that these guys could keep a straight face while testifying that they had raised interest in folks who had paid their bills on time all the time. Credit cards are powerful tools and can help individuals and business get more done with the help of their credit. But if you raise interest on your loyal customers, what message are you sending to your card holders?
I am no big fan of Senator Dodd, but the guy really cares about consumers and should be complimented for taking our side against credit card companies:
These practices are wrong, and they’re unfair…Mark my words: in the coming months, they will end.
These words coming from such a Senator is really encouraging. Credit card companies have truly pushed deceptive practices to the next level. Think about it. You sign up for a credit card with 9% APR, and the next thing you know your APR has risen to 24%. You haven’t missed a payment, but you are treated like a second-rate citizen by credit card companies. For too long credit card companies have gotten away with these actions. Their actions are lawful but unethical and unfair. You can’t put your customers through hell to stay afloat. A business which doesn’t care about its customers and providing value to them does not deserve to go on.
Am I too harsh?
