WASHINGTON, May 3, 2008

Fed Cracks Down On "Unfair" Credit Cards

Politicians Praise Biggest Industry Clampdown In Decades, Others Wonder If It Goes Far Enough

  • Play CBS Video Video Curbing The Credit Crisis

    Americans are drowning in 850 billion dollars of credit card debt, and creditors are doing all they can to raise interest rates. But new proposed rules could put a stop to that. Nancy Cordes reports.

  • Photo

     (AP / CBS)

  • Timeline Credit Crunch

    Feeling the squeeze? Here's a look at actions and statements from key players in Washington.

(CBS/AP)  The Federal Reserve and other regulators initiated steps Friday to end "unfair and deceptive" credit card industry practices assailing consumers who are already struggling to cope in a bad economy.

The proposed rules would be the biggest clampdown on the industry in decades, aiming at protecting people from credit card companies that arbitrarily raise interest rates or don't give borrowers adequate time to pay their bills.

The proposals would also restrict such lender practices as allocating all payments to balances with lower interest rates when a borrower has balances with different rates. The Fed board voted Friday to approve the recommendations.

Federal Reserve Chairman Ben Bernanke said the proposed rules "are intended to establish a new baseline for fairness in how credit card plans operate." Consumers using credit cards "should be better able to predict how their decisions and actions will affect their costs," he said.

"For markets to work, people have to understand what it is they're buying and paying for and if they do they can make better choices and the market will work better," Bernanke said.

The new rules would ban unfair or deceptive tactics, like mailing out bills less than 3 weeks before the due date so there's not enough time to pay, or jacking up the interest rate even for people who pay on time - and then applying that interest to the pre-existing balance.

That's exactly what happened to Dennis English. A trucker in Augusta, Georgia whose rate on his $10,000 balance suddenly jumped.

"It started out at 9.9 percent interest rate and last month when I went to pay my bill I happened to notice that it went up to 32.99 percent," English told CBS News Correspondent Nancy Cordes.

"I explained to them that I have never been late on a payment, I have never missed a payment, I never have been overdrawn on the account," English told CBS News. "And they said, unfortunately, they was nothing they could do about it."

Lawmakers who have demanded tougher controls on the credit card industry were generally positive about the proposed rules, as were consumer groups. But some questioned whether the changes would be strong enough and soon enough to help the millions of households struggling with credit card debt.

The Fed drew considerable criticism for its slow response to abuses that contributed to the subprime mortgage crisis.

"These steps are a significant improvement," said Sen. Charles Schumer, D-N.Y., a member of the Banking Committee and a leader in legislative efforts to make credit card companies more forthcoming about the interest rates they charge. "While they can still go further, the Fed deserves credit for acting, particularly for banning some awful practices rather than relying solely on disclosure."

Last year the Fed proposed rules that would make credit card bills and solicitations easier to understand, but Friday's proposals go well beyond those in tightening interactions between the industry and consumers.

"At first blush, this does seem to be good news for credit card holders," said Sen. Robert Menendez, D-N.J., author of pending legislation addressing some of the same credit card abuse issues. "However, it remains to be seen if these proposals will go far enough."

"The problems are mounting and the last thing consumers need is to have credit card companies ripping them off with late fees and charges through no fault of the consumer at all," said Senate Banking Committee Chairman Christopher Dodd, D-Conn., who is also pushing reform legislation.

The banking industry opposes the changes, and says they could lead to higher interest rates. The rules could be finalized by the end of the year.

The proposed new rules would prohibit:
  • Placing unfair time constraints on payments. A payment could not be deemed late unless the borrower is given a reasonable period of time, such as 21 days, to pay;
  • Unfairly allocating payments among balances with different interest rates, with lenders crediting payments to balances with lower rates so they can continue to charge interest for balances at higher rates;
  • Retroactively raising interest rates on pre-existing balances;
  • Placing too-high fees for exceeding the credit limit solely because of a hold placed on the account;
  • Unfairly computing balances in a computing tactic known as double-cycle billing;
  • Unfairly adding security deposits and fees for issuing credit or making credit available;
  • Making deceptive offers of credit.
The agencies said the proposed rules also would require federal credit unions to give consumers a chance to opt out of an overdraft protection program. And they would prohibit those institutions from charging a fee for an overdraft caused by a hold placed on consumer's funds when a person uses a debit card.

So are the new rules going to help? Travis Plunkett, Legislative Director of the Consumer Federation of America, says yes.

"It's going to help because some of these practices - we call them traps and tricks, hidden traps and tricks - drive up the amount of money that people owe their credit card companies, often very suddenly," Plubkett told CBS Early Show anchor Susan Koeppen. "You haven't budgeted for these payments, and then you wake up one day, you open your credit card bill, and your interest rate has tripled."

One of the biggest unfair practices that Plunkett accuses credit card companies of using is universal default. "What that means is that you're paying your bill on time, you are paying at least the minimum payment, you are meeting your obligations, and your credit card company decides that you are a higher credit risk and sharply increases your interest rate because of the supposed problem with another creditor," Plunkett said. "Many people don't think it's fair. It's simply not fair. It's not even fair from a business point of view, because in many cases the credit risk, as they say, for these people has not increased at all."

Continued



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Add a Comment See all 137 Comments
by michellem99-2009 May 2, 2008 6:09 PM PDT
It is unfair..
Reply to this comment
by randynason May 2, 2008 6:10 PM PDT
I''m not a big ''ole blabber-mouth, but I hope that the Feds pay particular attention to Chase Visa and Household Bank while they''re drafting this proposal. I''ve had my trouble with them arbitrarily raising their rates for no reason, in the past. -heh-
Reply to this comment
by forthepeopl1 May 2, 2008 6:12 PM PDT
AMERICANS NEEDS TO STRIKE........NO ONE WORKING FOR A WEEK OR SO WOULD TELL THE GOVERNMENT ONE THING, THEY CANT DO ANYTHING WITHOUT US AMERICANS WORKING FOR THEM AS SLAVES, SO IF EVERYONE WOULD NOT WORK FOR A COUPLE OF WEEKS, DONT BUY ANYTHING, DO NOTHING FOR A WEEK SEE HOW FAST THE GOVERNMENT STARTS LISTEN TO US.........COME ON AMERICANS WHAT WAITING FOR BUSH/CHENEY TO DECARE A STATE OF EMERGENCY BEFOR YOU WAKE-UP

AND FOR BLACKWATER, ANYONE THATS WANTS TO GET PAID TO KILL AMERICANS SHOULD BE SHOT THEMSELVES, THEY WORK FOR CHENENY AND CHENENY ONLY. WAIT UNTIL THEY USE THEM TOWARD AMERICANS WHEN THEY DECLAIR A STATE OF EMERGANCY JUST BEFORE THEY STRIKE IRAN
Reply to this comment
by bobnjersey May 2, 2008 6:35 PM PDT
[The banking industry opposes the changes, and says they could lead to higher interest rates.]

go ahead ... raise the rates ... that will be the next thing to limit ... say ... a few points over the prime rate?
Reply to this comment
by jntlw-2009 May 2, 2008 7:05 PM PDT
I say come down hard on credita card companies and on banks. How dare them tell us any more of their selfish greedy lies. I propose no credit card is allowd over 9.5%. If it cost more than that, you don''t need a card and they don''t deserve your business.!! The bunch of greedy scum extortionists have outlived their usefulness.
Reply to this comment
by May 2, 2008 7:10 PM PDT
Credit Card companies are the only ones that can change a written contract AFTER it has been signed by all parties without any legal recourse. They have not been concerned about the cardholder for decades, and the Feds have let them get away with it. Only the San Francisco DA has taken on one of them with success (Providian), and even then, the Government entity that SHOULD have stood up tried to call the SF DA off but when there was too much ground swell, they tried to take the credit for the action. I forgot what the gov%u2019t entity%u2019s name is, there is a PBS show about the situation.

This sounds good, but is it enforceable? Wheres the teeth to enforce these proposals? It would be nice to see part of my 15.24 % APR card payment go to the 21.24% APR portion of my bill, considering it has doubled since it appeared on my statements. And if you are wondering how that happened, it was simple (for them). I used one of Chase%u2019s checks to consolidate a balance to their card for both (at the time) lower APR , and to be able to write only one check. What I didn%u2019t know at the time is that this was considered a CASH transaction and carried the higher APR, or that it would only be paid on AFTER any and all other balances were paid off.
Reply to this comment
by closethippy1 May 2, 2008 8:05 PM PDT
I heard an interview with a Harvard economics professor and she insisted everyone should give up their credit cards and not use another one ever again.
She then proceeded to tell this long story about how over the last few decades credit card companies were able to lobby succesfully for changes in the law so they can get as much from their customers as they can.
The sad thing about all this is that when someone like Ralph Nader appears and says, "You know guys, I''ve been warning you all these years about these companies", many people react angrily against him!
It''s amazing how instead of praising this man, or any other man who cares about people more than corporations they''re ridiculed no matter how right they were.
The story told by the Harvard professor involved both Democrats and Republicans working on behalf of the credit card companies.
Nader has been saying for years there''s hardly a difference between these two parties and no one would believe him.
Do you now know what he means when he says we need a third and honest party as an alternative to these two monsters running our government?
I hope you do, I truly do.
Reply to this comment
by cyberus-2009 May 2, 2008 8:16 PM PDT
I have faith.

Faith that the lobbyists will insert enough money into congresscritters pockets to insert enough loopholes to make the rules worthless.
Reply to this comment
by junogoose May 2, 2008 8:40 PM PDT
I''''m not a big ''''ole blabber-mouth, but I hope that the Feds pay particular attention to Chase Visa and Household Bank...

Posted by RandyNason
----

I''m getting all giddy at the thought of Chase getting put on a leash.
Reply to this comment
by gkc99 May 2, 2008 9:00 PM PDT
Strange how all the "born-again" Christians, who are so eager to organize to oppose, say, gay marriage on the basis of couple of lines in Leviticus, just ignore the much more extensive condemnation of USURY in the Bible.

Maybe because so many bank presidents are "Bornagain" Christians??
Reply to this comment
by battleroaron May 2, 2008 9:07 PM PDT
the feds should investigate them for racketeering. all credit card companies should be shut down. loan sharks give you better rates....
Reply to this comment
by jane501 May 2, 2008 9:20 PM PDT
Why the change of heart all of a sudden? Wasn''t long ago the government was defending the credit card companies & passed legislation to help them out.
Typical goverment. Bunch of crooks that stick together with the other crooks & theives who continually rape the American public / consumer. Must be some higher paying special interest group involved here or the government is looking for someone else to blame for their screw-ups.
Reply to this comment
by spinster2 May 2, 2008 9:21 PM PDT
Well Obama,,,,it looks like after twenty years you were finally able to figure out what it took uneducated americans twenty minutes to see. LOL, no wonder Hamas and the muslim panthers have endorsed you.

You are now firmly in the uneducated white racist column who has taken all of reverand Wrights comments "out of "context" so welcome aboard. LOL The next thing they will says is that you are a racist who would have never voted for him anyway.

Oh, that''s right, this is about credit cards. Well,,,they suck too.
Reply to this comment
by providence-q May 2, 2008 9:24 PM PDT
Its about time someone help to clear up the mess. go to www.shipwrecksoul.blogspot.com to get it cleared up more for America!
Reply to this comment
by gkc99 May 2, 2008 9:39 PM PDT
Guess this was an issue the Clintons just couldn''t be bothered with, they were running such a great economy or somethin''.
Reply to this comment
by ubrew12 May 2, 2008 9:42 PM PDT
Basically, they have one interest rate for the rich. That rate just dropped to 2%.

And they have one rate for the rest of us.
That rate is around 30%.

Do the math.
Reply to this comment
by gce65 May 2, 2008 9:47 PM PDT
Not believable! The Fed? Isn''t that juts a subsidiary of BofA/Citigroup/JP Morgan by now? The Fed isn''t going to do anything meaningful about banks and credit cards. They''ll talk a lot and end up with watered down regulations, if any.

Don''t forget, it was the banking/credit card industry that the GOP-led Congress let rewrite bankruptcy laws in 2005 to favor themselves over consumers. The banking industry already bought out government. This new talk isn''t fooling anyone.
Reply to this comment
by my2centss May 2, 2008 9:56 PM PDT
Day late, and dollar short.
Reply to this comment
by ontheleft May 2, 2008 10:18 PM PDT
''Day late, and dollar short.''
Posted by my2centss at 09:56 PM

More like 7 years past due and $9.4 trillion too short.
Reply to this comment
by irliberal May 2, 2008 10:46 PM PDT
Morons should not be allowed to reproduce let alone get a credit card.

Posted by labombaOH at 09:38 PM

Or post on web sites. Off with you.
Reply to this comment
by aggiekat2004 May 2, 2008 10:51 PM PDT
The credit card companies are CRIMINAL.
Reply to this comment
by sara48909 May 2, 2008 11:11 PM PDT
Guess this was an issue the Clintons just couldn''''t be bothered with, they were running such a great economy or somethin''''.
Posted by gkc99
***************************************************
The bankruptcy laws were changed under Bush. The subprime credit market happened under Bush. Some day people will run out of things to try and blame on the Clintons. I''m surprised they haven''t been blamed for the Titanic sinking.
Reply to this comment
by element51 May 2, 2008 11:35 PM PDT
We don''t have any credit card debt. I have one man to thank for this. His name is Dave Ramsey. He has a radio show and I started listening to him some years ago. Once I learned what credit cards actually are we paid ours off and it was like a big weight was lifted. There is only way, ONE WAY, to use credit cards. If you use one, pay the ENTIRE amount off when you get the bill. Never, repeat never, carry a balance from month to month. I didn''t know if we could do it or not but we did. If we can, anyone can.
Reply to this comment
by kissamaarse May 2, 2008 11:39 PM PDT
If this was real journalism, this piece would tell consumers who the most offensive credit card issuers are. But this is just another 24-48 hour news cycle, and the corporate media do not give a ratz azz about everyday Americans. News is just the filler for advertising, and some of those biggest advertisers are the credit card providers.
Reply to this comment
by jt_lancer May 2, 2008 11:41 PM PDT
Hey, idiots. Don''t like paying exorbitant credit card fees?

You have three choices:
1. Pay off your entire credit card bill monthly.
2. Don''t charge so much!
3. Change credit card companies.

You have noone to blame but yourself. Quit trying to blame everyone else for problems that you created.
Reply to this comment
by jonesforch May 2, 2008 11:42 PM PDT
kissamaarse

10 to 1 this story is still here on Sunday morning.
Reply to this comment
by gaprddesc May 2, 2008 11:57 PM PDT
For years this "Loan Sharking" type of practice was able to thrive with no scrutiny or oversight. So many Americans had no where to turn and to this day have not recovered for the last two recessions, saving and loan scandal and major lay-offs, stock market bail-out, the unfair accounting practices, and the California black-out.
1. The late fees cause the consumer with a $300.00 limit to go over the limit. It was late due to the date change.
2. The credit card company continues to charge these fees until approx. $2,000.00 worth of over the limit fees and late fees. Then they seek judgment against you in the Court of Law who then favors those who have their contract with fine printing.
3. The credit card companies buy and sell each other''s credit card division until they are 7 deep from the original business that you had the dispute with.
4. The credit card companies completely forget any payments you made over the years and the dispute that you made in regards to the over the limit fees / late fee. %u201CMr. know it all%u201D says if you just paid the fees you would have no issues! %u201CMr. Know it All%u201D says this even though the company caused you to go over the limit with the late fees in the first place. The due date changes from month to month just like the cell phone companies. It is a moving target. As usual Mr. know all resorts to name calling at someone else''s expense.
Reply to this comment
by smithpm29 May 3, 2008 12:53 AM PDT
The reason people get burned by credit card companies is that they are stupid. People are so used to getting what they want when they want it and the instant gratification mentality that they do not pay attention to the agreements or even read them. I am in the credit card business for a company that already adheres to all but one of the proposed rule changes. The one they do not is the payment allocation. Lower rates are paid first. We were already looking at changing that before i heard anything about new regulations. I agree that it is too easy to get carried away with credit cards but I dont blame the industry, I blame my spending habits. Those that posted the ONLY way to use a CC is to pay it in full monthly are right on the button. It is nearly impossible to get by without one these days but use it with some forethought.
Reply to this comment
by erlindab May 3, 2008 1:10 AM PDT
I am one of the stupid people who didn''t read the fine print and cannot handle credit. I got was offered and accepted a card with a ridiculously low credit limit that was eaten up the first month by various "fees" - My limit was something like $375. (I was using this card to raise my credit.) My first purchase was $63.00. It put me immediately over the limit. I made the minimum payments that were mailed "on time" but not processed by the due date. Overdue fees and overlimit fees and interest brought my balance to $900 in no time. Then they "closed" my account, but continued to charge fees because I had a balance. Although I made payments, my balance went up because they kept adding fees. My balance is now over $2000 - I cannot pay it, and am so angry that I don''t care anymore. My credit is shot and I''ll never have money - and the law will always be on their side.
Reply to this comment
by missut2 May 3, 2008 1:12 AM PDT
Element51, you are right about Dave Ramsey. His financial advice, radio program, books, and seminars have helped thousands of people get out of debt. He teaches Biblical principals, that he has used himself, and continues to do so. He is a firm believer in having a budget, sticking to it, and saving. Many people may not realize it, but the Bible speaks more on the principals concerning MONEY and it does on sin. IMO, Dave Ramsey is a financial genius and he hates credit card companies...for years, he''s been telling his audience to avoid them like the plague.
Reply to this comment
by scorpio59er May 3, 2008 1:13 AM PDT
Gee, what''s unfair about banks/CC companies loaning out money THAT THEY DON''T EVEN HAVE at predatory interest rates?

Reply to this comment
by michellem99-2009 May 3, 2008 1:19 AM PDT
I don''t have a credit card..To the poster who said people don''t read them..Some can''t see to read them.They put every thing in small print. Ever heard of large print..Put them in large print so that they can read the papers and bills. I am not a smart asre,I an legally blind. There are persons of all ages that can''t see the tiny print. I use a 4 power reading glass and that don''t help in the small print.
Reply to this comment
by shanev137 May 3, 2008 1:25 AM PDT
People with good credit get better deals on credit cards.

All my cards are grace accounts, have no annual fees, give me at least 2 to 4% back on purchases, and give me zero interest for 6 months on any balance transfers.

I don''t have any problems with credit card companies.
Reply to this comment
by usw23b May 3, 2008 1:38 AM PDT
I can''t believe some of the comments I''m reading. Some of these real smart people who can read, believe those individuals who cannot understand the interest calculations, are stupid... When will we, the public, stop allowing financial institutions,from *** us. The economy is going to pot now because of their desire to show as much profit as they can. When will it end. It is very difficult to live in the country today, expecially if you are a senoir and on a fixed income.
Reply to this comment
by samrensho May 3, 2008 1:42 AM PDT
The problem is the idiots that are using the cards. Just don''t use it if you can''t pay off the balance at the end of the month. If you can''t pay it off then you can''t afford it. Simple enough for a complete moron to understand.
Reply to this comment
by htch60 May 3, 2008 2:39 AM PDT
The people writing and calling people stupid must be the credit card company.I made my payment early with CHASE CREDIT CARD CO. and they charged me 39.00 late fee because it was 1 day early...now explain that? They have doubled the interest rate..now explain that??? They had doubled my payment...now explain that?? and the people are stupid ...I think the only stupid ones are the ones calling other people stupid.
Reply to this comment
by nothappyatall May 3, 2008 3:24 AM PDT
I made the minimum payments that were mailed "on time" but not processed by the due date. Overdue fees and overlimit fees and interest brought my balance
Posted by erlindab

There is no excuse for late payments, you have a MONTH almost to pay the bill, secondly you should be paying with electronic payments NOT mailing a check! The first time that check gets lost in the mail you are skrewed- use your head and save the postage!
My card is PayPal/Washington Mutual www.wamu.com Not only have I had zero problems of any kind with them but I pay the bill thru the account on their web site, no matter what I have the electronic record of the payment SCHEDULED to deduct from my 2nd checking acct, if something happens its their fault as the payment is scheduled and activated on the date I specify.

Reply to this comment
by nonayabiness May 3, 2008 3:39 AM PDT
Just wondering if this speak is going the way of the ''investigations'' by Congress into Oil Profits and Mortgage Company CEO incomes during a time of non-profitability. Lots of talk and no action. We shall see.
Reply to this comment
by bjli69 May 3, 2008 4:05 AM PDT
OK so I guess all you idiots that say pay it off in thirty days probably had enough money to pay for it in the first place. The reason people use a credit card is to make payments over a period of time, like a loan and not just a thirty day loan. If you are just wanting a thirty day loan you might as well just use an American Express Card!
Reply to this comment
by slim1h2o May 3, 2008 4:10 AM PDT
I got rid of all my credit cards, and refuse to apply for another one.

If everyone did this,,they would be out of business. It''s just that simple.
Reply to this comment
by nonayabiness May 3, 2008 4:24 AM PDT
I got rid of all my credit cards, and refuse to apply for another one.

If everyone did this,,they would be out of business. It''''s just that simple.


--------------------------------------------------------------------------------

Posted by slim1h2o at 04:10 AM : May 03, 2008

- You are so right. I only have one. I was glad I had it when my father passed away, to pay for his funeral and such, while I waited to be reimbursed from the estate. However, I think people would agree this was an ''emergency'' need. I also use it on occasion to take advantage of the guarantees on purchases like auto repair, but I do not ever, ever put silly purchases on my card.
Reply to this comment
by slim1h2o May 3, 2008 4:36 AM PDT
Posted by NonayaBiness at 04:24 AM : May 03, 2008

There are times that I wished I still had a credit card, but they''re far and few between,,but what you have described, seems prudent to me.

There are times that cash will not do, but not many!
Reply to this comment
by tbweb May 3, 2008 5:12 AM PDT
Fed Cracks Down On "Unfair" Credit Cards

Isn''t it a little too late now? Too little too late! The damage is done!
Reply to this comment
by creeper00 May 3, 2008 5:17 AM PDT
This is pathetic. It was those same politicians'' votes to loosen control of the credit card industry that got us into this mess in the first place.

Do you suppose they figure they''ve fleeced us for as much as they can?
Reply to this comment
by tachoma-2009 May 3, 2008 5:19 AM PDT
Greed. Just don''t pay for nothing cut up your credit cards. i can''t wait till they come out with that car that runs off compressed air. then we really can start getting back.
Reply to this comment
by closethippy1 May 3, 2008 5:53 AM PDT
I heard an interview with a Harvard economics professor and she insisted everyone should give up their credit cards and not use another one ever again.
She then proceeded to tell this long story about how over the last few decades credit card companies were able to lobby succesfully for changes in the law so they can get as much from their customers as they can.
The sad thing about all this is that when someone like Ralph Nader appears and says, "You know guys, I''ve been warning you all these years about these companies", many people react angrily against him!
It''s amazing how instead of praising this man, or any other man who cares about people more than corporations they''re ridiculed no matter how right they were.
The story told by the Harvard professor involved both Democrats and Republicans working on behalf of the credit card companies.
Nader has been saying for years there''s hardly a difference between these two parties and no one would believe him.
Do you now know what he means when he says we need a third and honest party as an alternative to these two monsters running our government?
I hope you do, I truly do.
Reply to this comment
by curiousgeeze May 3, 2008 6:36 AM PDT
This is not a "CRACK DOWN", it is just a little more wool for the eyes of the serfs! Now sit down, take your $600. government rebate, go back to another Britney Spears Fox "newscast", and SHUT UP!!
"Nothing to see here folks, move along..."
Reply to this comment
by magoo2u1 May 3, 2008 7:11 AM PDT
Hmmmmmmmm. Problems plaguing american consumers for 10 yrs without any action. I wonder who controlled congress for part of those years and the white house for 8? I wonder who could have been in the pocket of big bussiness? I do recall G Bush vetoed a bill to eliminate "universal default", the practice of raising the interest rate for all your debt if you are late on a payment to any single creditor. That crime still needs to be addressed.
Reply to this comment
by gaprddesc May 3, 2008 7:28 AM PDT
The crackdown feels like a day late and a dollar short, too little, too late. A more aggressive action or overhaul needs to happen or change to catch those Americans who want to pay their bills on-time. Oh yea! thanks for the advice on how to resolve the issue, we will do just that, pay off the bill, once we pay the $69 fee for the 200.00 we borrowed, once we pay the 26% interest on the car loan, the 12% interest on the house, the gas that heats the home that is up significantly higher from last year, the electric, the fuel that cost $25.00 for 6 gallons, the food you once could afford, the repairs for an air bag defect that cost $1,000.00 so that one can meet the car inspection new policy this year, the regulation fees from a LAN line phone, property tax, payroll tax, the income tax that will not allow deductions, 401k penalty and tax, gas tax, food tax, the toll road fee that cost $1.25 one way to ride on a road that we are already paid for 10 times over, the cable fees, the over draft fees incurred while trying to pay the Car insurance, house insurance, the HOA. Maybe the advice should be pull yourself up by your boot straps or better yet wait for the trickle down affect. Maybe we should change the motto from %u201CTo whom much is given, much is required%u201D to %u201Cto whom much is given, take more%u201D.
Reply to this comment
by messiahx4eve May 3, 2008 7:50 AM PDT
How about this strategy, MAKE companies like Espire and others like them pay BACK the fees they stole? I was getting double billed, payments overdue because the bill was sent out TWO WEEKS late every month. I could pay the card off and still had fees every month. Many of these "cards" have their offices in India, Egypt and many other third world countries that are handled by people that have no idea how to speak English in the first place. I had many from India ask me to send them a money order in THEIR name to post to my account, yeah right and I have a fortune waiting for me in Nigeria too.
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