Comments on: Credit Card Rules Must Change

By: Deborah

Deborah — Wed, 03 Jun 2009 20:18:53 +0000

How will this effect the billing cycle if consumer pays early, more than the minimum due, and the company still tacks on a late fee, because they apply the payment to the previous billing cycle, even if that cyle has already been paid?

By: Credit Answers

Credit Answers — Wed, 18 Mar 2009 19:29:22 +0000

Recently, Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, introduced The Credit Card Accountability, Responsibility and Disclosure Act (C.A.R.D. Act), which is a proposed legislation that will target abusive practices in the credit card industry.

By: Renee E. Schell

Renee E. Schell — Sun, 19 Oct 2008 20:31:47 +0000

Will the proposal for a Credit Card Holders’ Bill of Rights also consider the unfairness of unilaterally reducing the cardholder’s credit limits without there being any default or late payments by the cardholder? Isn’t it unconscionable for the credit card company to search a longstanding cardholder’s entire credit history and decide that that patron already has too many credit cards with outstanding balances, albeit never accompanied by defaults or late payments? If the credit card banks are self-servingly trying to curtail their own credit risks,what about the credit reduction adversely affecting the cardholders’ FICO scores, thus preventing the approval of future credit applications? The current recession worsens when consumers with lowered credit are thereby unable to spend, and business owners are eventually forced to close their doors.