I usually don't do ALL CAPS in headline, but today is different.
It was reported that more and more credit card companies are increasing rates or fees on customers ahead of new rule changes taking effect in February 2010.
Customers and government officials are miffed that this would occur.
Well it was bound to happen since credit card companies now have to reassess there risk to customers.
Now the government wants to look into these new changes effecting people.
Some Congressmen have said they want to fix rates.
Now I agree a lot of banks and card companies are changing rules because they can and probably shouldn't.
However, it is not the governments job to tell how a business should be run or what rate they can charge a customer.
There are already laws that state the maximum interest rate a bank can charge a consumer.
People have to remember that all of us bought stuff on credit and eventually have to pay back that money.
We have accumulated over $960 Billion in credit card debt.
Regardless of any new rules or regulations the government passes the money is still owed.
We also have the right as a consumer not to use a credit card or to change credit companies anytime we choose.
I do not need the government to tell me when I am being screwed by a bank.
I am intelligent enough to realize that fact and make the appropriate changes.
What I am saying is that at some point the consumer as to take a little personal responsibility and review their monthly statements and rules.
Now if you do not understand the rules you can purchase a book on personal finance.
Many people have written great debt books explaining rules and traps of credit cards and loans.
I don't believe people should be shocked that rules are changing.
My advice is to form a debt repayment plan for yourself or your family.
With a solid plan anyone can eliminate debt quickly and effectively.
It was reported that more and more credit card companies are increasing rates or fees on customers ahead of new rule changes taking effect in February 2010.
Customers and government officials are miffed that this would occur.
Well it was bound to happen since credit card companies now have to reassess there risk to customers.
Now the government wants to look into these new changes effecting people.
Some Congressmen have said they want to fix rates.
Now I agree a lot of banks and card companies are changing rules because they can and probably shouldn't.
However, it is not the governments job to tell how a business should be run or what rate they can charge a customer.
There are already laws that state the maximum interest rate a bank can charge a consumer.
People have to remember that all of us bought stuff on credit and eventually have to pay back that money.
We have accumulated over $960 Billion in credit card debt.
Regardless of any new rules or regulations the government passes the money is still owed.
We also have the right as a consumer not to use a credit card or to change credit companies anytime we choose.
I do not need the government to tell me when I am being screwed by a bank.
I am intelligent enough to realize that fact and make the appropriate changes.
What I am saying is that at some point the consumer as to take a little personal responsibility and review their monthly statements and rules.
Now if you do not understand the rules you can purchase a book on personal finance.
Many people have written great debt books explaining rules and traps of credit cards and loans.
I don't believe people should be shocked that rules are changing.
My advice is to form a debt repayment plan for yourself or your family.
With a solid plan anyone can eliminate debt quickly and effectively.
Source...