May 12, 2009 5:52 PM
- Text
Katie Couric's Notebook: Credit Cards
(iStockphoto)
You know the feeling - you open a credit card bill and see a balance that looks more like the national debt.
In the past six months, an estimated 10 million Americans have seen their interest rates double or even triple, often retroactively. Others have been hit with over-the-limit penalties because the bank lowered their credit line, or paid late fees because the due date was a Sunday, and the bank was closed.
Well, a bill being debated in the Senate this week would change that. Customers who pay on time could see their rates go down, and some of those annoying fees would disappear. A similar bill has already passed the House.
Banks are in business to make a profit. Customers should expect penalties when they don't play by the rules, but banks should play fairly, too. After spending billions of taxpayer dollars bailing them out, many customers feel they deserve a little credit.
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