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Credit Card Companies Held Back Consumers From Testifying

Credit Companies Want Consumers to Keep Their Lips Sealed

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?


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SmuttyPop SmuttyPop 9 years
Also, I was NEVER late with a payment on that account, my credit score was pretty good and I didn't understand why such a huge jump! The CSR I spoke couldn't give me an explanation.
SmuttyPop SmuttyPop 9 years
YES!!! The payment was technically not late, but because it was processed a day late they upped my interest rate from 19.99% - 29.99%. It was an closed account and I had never been late, they didn't even charge a late fee. I had closed the account because they were changing hands and they said if I wanted to stick with the interest rate I had, I had to close the account and I did. I was so upset, because I was making good ground with paying it off. That hike cost me around $20 extra a month, which ate up my payment. So I ha to apply more money to it. :(
sophia_HL sophia_HL 9 years
I love my discover card but HATE CHASE.
wackdoodle wackdoodle 9 years
Um YES! When I worked for a credit card giant here in SF, my identity was stolen (possibly by a crooked worker) and credit card accounts were opened under my name. I didn't discover this fraudulent accounts for a year to two years, then I went to move and buy a car and pulled my credit report. The credit card companies refused to remove the fraudulent accounts even though it was id theft and the big three were of no help. I even went to our credit card companies bureau reps for help and with the proof of the id theft. They tried to get the bureaus to remove the wrong info and put a fraud alert on my account - the big 3 refused. The credit card companies were willing to pay more to have the fraud info on my account and they wanted to recover the lost funds by writing the debt off to the IRS more than they wanted it to be accurate. I went to the FTC and at that times they had no standard for how to deal with Id Theft. Of course now they do but the consumer who is the victim has to do all of the legwork, has to convince the police to take a Id Theft report, have a suspect in mind and convince the PD to issue a Id Theft report and letter so that you can send it to the FTC and the bureaus to TRY to get the fraudulent info removed. Nothing is certain with the bureaus or with the government agencies who are suppose to regulate them. You can do everything right and they still will find a way to weasel their way around the law to their advantage and to your disadvantage.
freegracefrom freegracefrom 9 years
Yes! When times got tough, my balance was hovering near the max on two of my credit cards. Two of my other credit cards that I always paid on time and paid more than the minimum (if not in full) must get daily updates on my credit report because they bumped up my APR to 29%! Just because two unrelated (to them) credit cards held high balances. Boo to Discover and Chase. Shady businesses.
Lindira Lindira 9 years
I got a credit card in college with one of those great 9% fixed rates. Imagine my surprise when just a couple months ago, after a few years of being really good about paying my bill, I find that my rate jumped to over 22%! What happened to "fixed"? So I just paid it off the balance with my tax return money so I don't have to bother with it anymore.
princessjaslew princessjaslew 9 years
not yet. at least, because i normally always pay off everything every month, i haven't been noticing. but now that I am carrying a balance on my credit card i'm trying to be careful by reading almost every piece of mail from my cc company!
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