Five consumers who felt they'd been wronged by their credit card companies gathered in Washington, D.C. with plans to testify in front of Congress about arbitrary credit card practices. At the last minute, the banks insisted that those testifying sign a waiver permitting them to discuss their personal financial information publicly and any time they felt compelled. An obvious deal-breaker, they refused the waiver and were unable to take the stand and tell their credit stories.
The hearing coincided with when members of the House Financial Services Subcommittee on Consumer Credit were meeting to review proposed legislation that would amend the current credit card policy with several consumer protections. A new bill would prevent card issuers from raising interest rates on existing balances, require them to provide 45 days notice of these hikes, and increase the minimum advance billing requirement from 14 to 25 days.
Have you ever been victim to any arbitrary credit practices like an undeserved or unanticipated rate hike?